Natural gas prices traded flat for a second day as the
October 15 contract holds just above 2.550 contract low support set on Monday.
The trend remains down with the 2.550 contract low being the
first area of support followed by 2.443 which is the 2015 spot contract
low. 2.443 is also the initial downside
objective for the bearish triangle pattern on the weekly chart.
If 2.443 support is broken,
2.230-2.250 will become the next longer term support.
Former daily low support at 2.602 extending up to yesterday’s 2.604 high is the first
area of resistance followed by the 10 day moving average at 2.640.
Technical Indicators:
Moving Average Alignment – Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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