The October 15 natural gas contract spiked back toward 3-week resistance in Thursday’s session following release of the weekly EIA storage report.
The contract topped out at a 2.733 intraday high holding
under 2.735 resistance. Light selling into the close dropped the October
contract back toward the middle of the recent trading range settling at 2.683,
up .032.
The trend remains sideways to down with the 2.633 contract
low being the first area of support followed by weekly chart support at
2.550-2.560 and 2.440-2.450. Longer term support is between 2.230-2.250.
2.725-2.735 weekly highs are the first areas of resistance
followed by the 40 day moving average currently at 2.780.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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