No change in the trend for the natural gas market which now enters into a 10th week of sideways trade.
The weekly natural gas chart shows the 10 week range the spot October 14 contract has been trading in alternating between the mid-3.700 area as support and the 4.000-4.101 area as resistance.
Four sell off attempts over the past 4 weeks have all bottomed at mid-3.700 support and four price rallies higher have all stalled at 4.000-4.101 resistance. A breakout from this range is needed to determine the next leg for the market.
A downside breakout below mid-3.700 support would turn the 3.400-3.500 level as the next area for a possible seasonal low.
An upside breakout back over former trend line support near the 4.101 high would turn the longer term trend back higher ahead of the upcoming winter.
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