The April 16 natural gas contract traded flat on Monday
closing the day nearly where it began at the 1.819 level.
The near term trend remains up with the new 3-week high at
1.871 set earlier today being the first area of resistance followed by
1.895-1.900. Longer term resistance is the
40 day moving average currently at 1.980.
Monday’s 1.771 low is the first area of support followed by
the 10 day moving average currently at 1.730.
A close under the 10 day average will turn the near term trend back down
with the 1.611 contract low being the next area of support.
Longer term, the near term trend could surprise on the
upside but the longer term trend remains down.
Bottom line – Continued short-squeeze expected.
Technical Indicators:
Moving Average Alignment – Neutral-Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
No comments:
Post a Comment