NATURAL GAS - WEEKLY CONTINUATION CHART: A typical 3-wave downmove has been seen so far this year.

Note how dual support has been tested (3.155 May-09 low and 76.4% pullback), perhaps not surprisingly triggering a rebound phase.

NATURAL GAS - DAILY CHART DEC-10:

Recent support came, not surprisingly, from around the bear channel base, close to support from the Weekly chart.

Initial resistance is from the Sep congestion below 4.500, which includes a 38.2% rebound level. However, more important is the (redrawn) bear channel top at 4.650 - a break through this would imply that overall downward momentum had slackened, with a better recovery underway, s/term dips notwithstanding.