Today's expiring April 16 natural gas contract rallied back higher to begin the new week of trade on Monday gaining .046 (2.3%) to settle at 1.848.
The rally has stalled under 10 day moving average resistance at the 1.855 level today. This resistance is followed by a 3-month trend line and the 40 day moving average at the 1.885-1.890 level today. A breakout above 1.885-1.890 resistance which be a bullish technical signal turning the 2015 low at 2.017 into the next upside resistance.
If resistance holds, the near term trend will remain down with Monday's 1.766 low extending down to 1.750 being the first area of support followed by 1.690-1.700. Longer term support is the 1.611 contract low.
Bottom line - Will resistance hold today during expiration?
Technical Indicators: Moving Average Alignment - Bearish
Long Term Trend Following Index - Bullish
Short Term Trend Following Index - Bullish
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