The November 15 natural gas contract has been trending
sideways to higher from the 2.403 contract low set last Friday topping out on
Wednesday at a 2.531 high.
Yesterday’s high held under 10 day moving average resistance
which keeps the primary market trend bearish.
Wednesday’ settle for the November contract came in at 2.474
with the 10 day moving average again being the first area of resistance at
2.520. A close above the 10 day average could be an early indication the
trend is turning back higher.
Last Friday’s 2.403 contract low which was a new spot low
for 2015 remains primary support with longer term support at 2.230-2.250.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment