The March 16 natural gas contract lost .090 or 4.6% in
Thursday’s session to settle at 1.852 as the market remains in a very bearish
downtrend.
Selling has continued in the overnight session dropping the
March contract to a new contract low at the 1.836 level. This low is the first area of support today
followed by weekly chart support at 1.780-1.790 and the 1.684 spot contract low
set in December.
Former daily low support at 1.880 extending up to 1.910 is
now the first area of upside resistance followed by the 10 day moving average
currently at 1.985.
Bottom line – No bottom in sight.
Technical Indicators:
Moving Average Alignment – Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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