natural gas

natural gas

Thursday, April 28, 2016

Natural Gas Corner - Technical Update - Bulls Back On The Defensive


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.

 Bottom line – Bulls on the defensive with 10 day moving average support broken.

 Technical Indicators:  Moving Average Alignment  - Neutral
                                          Long Term RMI Trend Following Index – Bullish
                                          Short Term RMI Trend Following Index - Bullish

 

1 comment:


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