A two day short-covering rally that lifted the June 15 natural gas contract by 5% from Monday’s low may have come to an end in yesterday’s trade.
The June contract did gain .069 (2.7%) in Wednesday’s trade settling at 2.606. But it could not close above 10 day moving average resistance which could mark a trend turn back lower.
The 10 day moving average at 2.590 today extending up to yesterday’s 2.612 high is the first area of resistance followed by 2.650-2.660. Longer term resistance is the 40 day moving average at 2.715.
2.540-2.550 is the first area of support today followed by 2.510 and the 2.485 contract low set on Monday. Longer term support from the weekly chart is at 2.230.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment