Natural gas has been cruising lower as it trades below a descending trend line on its 4-hour chart. Price is currently testing the resistance and keeping gains in check could send it to the next downside targets marked by the Fib extension tool. The 38.2% level is close to the swing low at $1.800 then the 50% level is at $1.739. Stronger selling pressure could take it down to the 61.8% extension at $1.683 or the 78.6% level at $1.605. The full extension is near $1.500. 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 to gain traction ... (full story)