The new front month June 16 natural gas contract closed nearly unchanged on Wednesday during expiration of the May contract losing 6 ticks to settle at 2.153.
The June contract has been slowly losing ground from
the 10-week high set on Monday at the 2.304 level selling back into the
middle of the past 6-week trading range.
The 10 day moving average at 2.150 has been broken as
support in today’s early trade turning the near term trend back down. The
40 day average at 2.060 now becomes the next longer term support.
There should be good buying interest for the June contract
at the lower-2.000 level as the market is expected to remain in a sideways to
higher uptrend over upcoming weeks.
Short Term RMI Trend Following Index - Bullish
ReplyDelete• Dr Reddy's Labs' Form 483 issued with one observation by US FDA at Srikakulam plant (SEZ) unit I
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