Selling in the natural gas market dropped the spot December
15 contract lower by over 9% in last week’s trade with selling continuing in
this week’s trade.
Early selling today has dropped the December contract to a
new contract low at 2.051 as the market retests a key support area. This support is the 1.948 monthly low set by the
expired November 15 contract.
If 1.948 support can hold in upcoming trade, a long term low
could be set in the natural gas market.
If support fails to hold, the trend will remain down with
1.850 and 1.760 then becoming the next downside support levels.
No comments:
Post a Comment