Natural gas prices were hammered followed release of the EIA
weekly storage report as the spot November 15 contract traded from a 2.578
morning high down to a 2.449 low settling at 2.453, down .065 (2.6%).
Daily settle on Thursday back under the 10 day moving
average is a bearish signal heading into today’s session.
Selling has continued overnight dropping the November
contract back toward the 2.403 contract low set two weeks ago.
If 2.403 extending down to 2.385 is broken as support,
2.230-2.250 will become the next longer term support level.
The 10 day moving average at 2.480 is the first area
of resistance today followed by the 2.578 weekly high. Longer term
resistance is the 40 day moving average currently at 2.650.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index - Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment