Natural gas prices closed down for a third consecutive day
on Thursday as the spot March 16 contract traded back under the 2.000 level.
The March contract fell to a 1.980 mid-day low holding above
1.954 weekly low support to settle the session at 1.994, down .052 (2.5%).
The primary trend remains down with 1.954 weekly low support
being the first downside support level followed by the 1.910 contract low set
in mid-December. A drop under the mid-December low will turn 1.780-1.790
and the 2015 spot contract low at 1.684 into the next longer term support
levels.
The 10 day moving average is the first area of resistance at
2.050 followed by the 2.172 weekly high which coincides with the 40 day moving
average near the same level at 2.165. A breakout above the 40 day average
is needed to turn the near term trend back up.
Bottom line – How soon will weekly low support be broken?
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment