Today’s expiring July 15 natural gas contract gained ground for a second day on Thursday rallying higher from a two-week low reached earlier in the week to settle at 2.850, up 3.3%.
10 and 40 day moving average resistance was broken on
Thursday but there has been no follow through buying in today’s early trade.
The 40 day moving average at 2.830 has been broken as
support turning the 10 day average at 2.810 into the next downside
support. A drop back under 2.810 will turn the near term trend back down
with the 2.711 weekly low becoming the next downside support.
Thursday’s 2.854 is the first area of resistance today
followed by a down sloping trend line currently at 2.900-2.910. A
breakout above this trend line would be a bullish technical signal for the
market.
Technical Indicators: Moving Average Alignment –
Neutral
Long Term Trend Following Index – BearishShort Term Trend Following Index - Bullish
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