Even with today's drop we are still technically within the uptrend channel. Today the price touched the short-term uptrend line (drawn in blue) and bounced off it - however, this is not yet a clear signal of a strong trendline. More support is needed.
The chart has created a triangle pattern at the right side, squeezing the price between the trendline and the 50day SMA. The next few days will be a good test to see if the bulls will take-over and push the price through the 50day SMA or if the bears still have a strong presence.
Tomorrow at 10:30am the EIA will announce the Nat Gas inventories, which will no doubt effect the prices, so keeping the current chart pattern in mind, look for swings and false breakouts.
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