Natural gas prices bounced higher on Tuesday from the new
3-month low set the previous day gaining .035 to settle at 2.685.
The market trend remains sideways to down with the 10 day
moving average at 2.720 being the first area of resistance today followed
by the 40 day average at 2.790.
Monday’s 2.624 low is the first area of support followed
closely behind by weekly low support between 2.590-2.600. A drop under
weekly low support would turn 2.440-2.450 and 2.230-2.240 into the next
longer term support levels.
The bearish triangle on the weekly chart remains in play
with the point 1 low at 2.443 remaining the initial downside target. This
triangle will remain viable as long as the spot natural gas contract holds
under the lower-2.900 level.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment