The January 16 natural gas contract remains in a very
bearish downtrend trading under the 2.000 level in the overnight session.
The January contract initially traded higher on
Thursday ahead of the EIA weekly storage report but was sold back lower toward
the end of the session closing the day at 2.015, down .047 (2.3%).
The next key support is the 1.948 weekly low set in
late-October followed by the 1.902 low from April 2012. If these two lows
are broken as support, 1.860 and 1.750-1.760 will become the next downside
support levels.
2.000-2.010 is the first area of resistance followed by the
10 day moving average currently at 2.120.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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