Natural gas prices continued lower for a second day on
Monday as the June 16 contract pulled back from 2.180-2.200 weekly high
resistance reached last week.
The June contract traded down to a 2.023 low on Monday
holding above a key support level at the lower-2.000 area. With support
holding again, buyers have come back in during today’s early trade.
The 10 and 40 day moving average broken as support on Monday
now become primary resistance at 2.095-2.110 followed by last week’s 2.185
high.
Monday’s 2.023 low remains key support as a drop under the
2.000 level will break a trend line support on the daily continuation chart
which has been in place since the early-March low.
Bottom line – Market remains in sideways range with support
holding on Monday.
Technical Indicators: Moving Average Alignment –
Neutral-Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bearish
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