If we can find that value, then it will be a wonderful thing and we can get long again. As for myself, I am currently long, although less long than I once was in my ETF position. With that being said, I like the idea of buying dips near the 200 day EMA and would love to get closer to the $2 level in order to find a little bit of value in this market.

The $2.50 level above could offer a bit of a resistance barrier as well, so do keep that in mind. And I think you’ve got a situation where traders will continue to look at this as a market that’s played through momentum, nothing else. There’s nothing else driving it at this moment. Just like most other financial markets, it’s about the gamification of indices and stocks etc.

So, with that being said, you need to see a pullback in order to find some value. And at that point in time, you can take advantage of it. Chasing the natural gas markets up here is not a wise idea as we are so overbought.

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