A one day set back by the November 15 natural gas contract
found good buying interest on Wednesday near the 10 day moving average.
Early selling in the session dropped the November contract
to a 2.472 daily low before reversing back higher into the close finishing the
day at 2.518, up .020.
Successive daily settles above the 10 day moving average
keeps the near term trend bullish with a new weekly high at 2.565 set in the overnight
session. This high is the first area of
resistance followed by 2.590-2.600.
Longer term resistance is the 40 day moving average currently at 2.660.
The 10 day moving average at 2.495 today is the first area
of support followed by yesterday’s 2.472
low. A close back under the 10 day average
will turn the near term trend back down with following support at the 2.403
contract low.
Technical Indicators:
Moving Average Alignment – Neutral-Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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