Natural gas markets looking for support

From Christopher Lewis: The natural gas markets gapped lower to kick off the week, and then broke down below the $3.00 level. By doing so, we entered a very bearish phase of the selloff, but by the end of the week, we had started to see a bit of resiliency. At this point in time, I think that the market will probably try to rally from here and go looking towards the top of the gap, closer to the $3.30 level. Natural gas had gotten way ahead of itself. However, now it looks as if it had gotten ahead of itself to the downside as well. Overall, I think that a short-term bounce is coming but it should present itself as a nice selling opportunity. The huge moves are over, and therefore it’s likely that it will be difficult to deal with this market from a weekly standpoint. I believe that we are going to go back and forth in a relatively tight range, but I certainly feel much better in the selling side than the buying side.