Natural gas might have made an important low recently.  After its major high in mid-2008, the price of the clean-burning fuel declined by more than 80% over a fifteen-month period.  A large bounce (in percentage terms) gave way to another downtrend which has lasted throughout 2010.  Recent price action raises the possibility that natural gas has made an important secondary low and that it might be ready to join the bullish party that most other commodities have been enjoying.  The futures are trading just below the midpoint (at 4.008) of a pattern which began with a powerful short-covering rally that peaked a week ago.  If the sibling “D” target of 4.274 is reached, additional prior highs will be taken out, and the recent low of $3.50 will begin to look very important.  Traders should watch for smaller patterns to provide opportunities to get long.  The “D” target might present a chance for shorting with a tight stop (probably no higher than 4.281), but if the futures get that high, traders should take seriously the odds that a najor new uptrend has begun.  (Posted by Doug McLagan)