Natural Gas is in a strong downtrend on the Monthly, Weekly and Daily timeframes. It has recently broken down through significant support at 2,100.
We are waiting for a retracement back up to re-test this same level, ideally producing a small bearish rejection candle at or around this level.
We have two valid options for stop-loss placement, either just above the high of the aforementioned candle (and technical support/resistance level), or behind the prior swing-high at 2,260 (both highlighted in red above). Our entry will then be on the break below the low of this future candlestick.
It is also a possibility that price may complete a shallower retracement back into the moving averages, where a similar entry setup may occur.