The November 15 natural gas contract has been moving
steadily higher from the 2.403 contract low set last week closing yesterday at
2.498, up .024.
The November contract has not been able to clear 10 day
moving average resistance holding under this level the past two days as well as
in the overnight session.
A breakout and close above the 10 day moving average at
2.510 will turn the near term trend back up with 2.590-2.600 becoming the next
upside resistance.
Key support remains last week’s new 2015 spot contract low
at 2.403. A drop under this level will turn 2.230-2.250 into the next
longer term support.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short
Term Trend Following Index - Bearish
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