The April 15 natural gas contract closed lower for a third
consecutive day on Monday but held above key weekly low support near the 2.680
daily low.
With support holding again on Monday, the market has
reversed back higher in the overnight session with the April contract currently
attempting a breakout above 10 and 40 day moving average resistance between
2.765-2.775.
Following resistance is at 2.864, a price set over the past
two weeks. A breakout above 2.864 would turn the 3.045 high from February
into the next upside resistance level.
Weekly low support between 2.660-2.680 remains primary
support. A close under this support would turn the 2.589 contract low
into the next downside support with longer term support at the lower-2.400
level.
Technical Indicators: Moving Average Alignment –
Neutral-Bearish
Long Term RMI Index – BullishShort Term RMI Index - Bullish
No comments:
Post a Comment