The natural gas market was caught in a technical "grand slam" and prices could go lower, according to energy analyst Mike Fitzpatrick, who is editor of the Energy Overview newsletter. "You've got everything going for it in the technicals to move lower. You have the market below three major moving averages - the 10- , 40- and 200- day.
About a week ago, the 10-day went under the 40-day. That was further confirmation, and on top of that, you have the market below the pivot point," he said. The pivot point it went through Thursday was 4.041, he said. Earlier in the week, it fell through 4.2275, setting up the "grand slam."
This report is courtesy CNBC and The Texas Energy Report......just released today.
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