Natural gas prices regained their footing on Tuesday as the
front month June 16 contract rallied off 40 day moving average support reached
the previous session to end the day at 2.158, up .060 (2.9%).
The rally has stalled, at least temporarily, at weekly high
resistance between 2.180-2.200 which has now held 4 times over the past 3
weeks.
A breakout above 2.200 will keep the near term trend bullish
with the 2.304 April high being the next longer term resistance.
If 2.180-2.200 resistance holds, the 10 and 40 day moving
averages which have converged at the 2.090-2.110 area will be primary support
followed by the 2.026 low set last week.
Bottom line – No change in the sideways to higher trend for
the market.
Technical Indicators: Moving Average Alignment –
Neutral-Bullish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bearish
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