The natural gas market remains in a very bearish downtrend
which shows no signs of ending.
The January 16 contract has now closed lower 9 days in a row
falling today to a new 14-year spot contract low at the 1.684 level.
The contract low is the first area of support today
followed by 1.610 which is a low from August 1998. Longer term
support is at 1.335 and 1.250.
Former daily low support at 1.750-1.760 is now the first
area of resistance with longer term resistance at the 10 day moving
average currently at 1.920.
The market may see light short-covering today ahead of the
weekend.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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