Anecdotal Technical Evidence Argues for an Approaching Low in Natural Gas...

With this morning's second, unconfirmed new low within the June-July decline, Natural Gas continues to develop anecdotal evidence of an approaching meaningful low in the 4.24-4.10 area.

That said, evidence aside, price means everything, and right now, Natural Gas remains within the grasp of a dominant downtrend off of its June 15 high at 4.886.

Natural Gas must hurdle and sustain above 4.19-4.20 to trigger initial reversal signals, and thereafter, claw its way above 4.24-4.25 to confirm that a significant low is in place.

In the absence of upside price movement, I cannot rule out additional weakness into the 4.00 area, which also will test the support line from the April 2012 low at 1.902.