The November 15 natural gas contract fell under another
important level of support in Thursday’s trade as the market remains in a very
bearish downtrend.
The November contract tried to rally higher following
release of the weekly storage report on Thursday topping out at a 2.435 morning
high. But sellers used the strength to sell the contract back down to a
new low settling the day at 2.386.
A new 2015 spot and November contract low has been set in
the overnight session at 2.351. This low is the first area of support
with longer term support at 2.230-2.250.
Current weakness should the final sell off before a
post-summer seasonal low is set.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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