Natural gas prices reversed course back higher on Wednesday
as the June 16 contract rallied off lower-2.000 support reached earlier in the
week to close the day at 2.141, up .055 (2.6%).
The primary trend remains sideways to higher with the 10 day
moving average at 2.145 today holding as intraday resistance on
Wednesday. A breakout above the 10 day average would keep the near term
trend bullish turning 2.220-2.240 followed by the 2.304 high set two weeks ago
into the next upside resistance areas.
The lower-2.000 area remains key support with this week’s
low coming in at the 2.026 level. A drop under this week’s low
would turn the near term trend back down with following support at 1.940-1.970
and the 1.844 contract low set in March.
Bottom line – No change in the 8 week sideways to higher
uptrend.
Technical Indicators: Moving Average Alignment –
Neutral
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
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