Natural gas is still trading inside its descending channel and is moving around the bottom half of the range. Price appears to have completed a quick pullback to an area of interest and is due to resume the slide. A higher correction, however, might still test the upside barriers around the Fibonacci retracement levels. The 50% Fib is at $8.361 and the 61.8% level is at $8.579 near the top of the channel. If any of these hold as resistance, natural gas could carry on with its downtrend. The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely ... (full story)