The May 15 natural gas contract fell to a new contract low at 2.583 in Wednesday’s trade moving slightly higher into the close to settle at 2.605, down .035 (1.3%).
The trend remains down although the market continues to hold above weekly low support between 2.567-2.575. If this support is broken, the lower-2.400 area will become the next longer term support.
The 10 day moving average at 2.695 extending up to former triangle trend line support at 2.720-2.730 remains primary resistance. Longer term resistance is the 40 day moving average at 2.780.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bearish
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