Natural Gas Decline Pauses...until next time.
The low yesterday at 3.31 is holding for now, as natty consolidates yest.s move down in a choppy manner. So far it has been contained by the .382 retrace. Of note is the July 29 spot month low at 3.29, labeled B within this intermediate term structure. Taking that level out will erode the potential basing scenario and increase the risk of 3.22 and 3.155 lows also being exceeded.
On the upside NG would have to retrace more than .38 of the most recent leg down at 3.60 to get any attention.