Natural gas prices reversed back higher on Monday following a two day correction gaining back nearly all the ground lost at the end of last week’s trade.
Gains for the day amounted to .139 or 5% with the July
contract finishing Monday at 2.889.
The 10 day moving average held as support on Friday as well as in yesterday’s trade which keeps the near term trend bullish. The market has pushed up to a new 3-week high at 2.929 in the overnight session and is the first area of resistance today followed by 2.940-2.950.
Longer term resistance is between 3.030-3.150. The
lower-3.000 area has been solid resistance since mid-February. A breakout
above this resistance followed by the 200 day moving average at 3.210 is
needed to turn the longer term market trend back up.
The 40 day moving average is the first area of support today
at 2.805 followed by the 10 day average at 2.765.
Technical Indicators: Moving Average Alignment –
Neutral
Long Term Trend Following Index – BearishShort Term Trend Following Index - Bullish
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