Not that natural gas, the other kind.
This is not high conviction on my part, but just a local observation that I believe is worth watching for the moment. It is building a head and shoulders pattern, the measured move of which would be quite the decline. Of course, we all know that these do not have to break down, so we need to watch the neckline, etc.
What would a move like this imply, giving up all of 2021 like that? Fed hikes cool commodities? Russia tensions ease? Or is it like lumber has been, wildly swinging this way and that? I am unsure. At any rate, that’s the pattern I see on it at the moment and the target such a pattern would generate, should this break down.
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