For a second time in the past 2 weeks, a rally by the December 14 natural gas contract has stalled at 4.450-4.500 resistance.
The contract has briefly moved above 4.500 topping out at a
4.544 high two weeks ago and a 4.532 high last week. But the highest
price level the December contract has closed at over the past 2 weeks was 4.489
last Thursday.
The inability to rally above resistance last week has led to
a gap lower open in today’s trade as the market has fallen back toward the
lower-4.000 level.
Selling two weeks ago in the December contract bottomed out
at a 3.931 low before reversing back higher. A drop back under the
4.000 level should find good buying interest as the trend for the market is now
sideways to higher into the early months of 2015.
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