Early selling on Tuesday in the natural gas market dropped the spot August 16 contract to a new 2-week low at 2.687. Weakness didn’t last as buyers came in late rallying the contract to a 2.734 daily close, up .032 on the session.
Buying has continued in today’s early trade as the August
contract trades back toward 10 day moving average resistance at the 2.810
level. A close back above this average will turn the near term trend back
up with last week’s 2.871 high being the next area of resistance followed by
the 2.998 early-July high.
If 10 day moving average resistance holds as it has over the
past 5 sessions, the near term trend will remains sideways to lower with
Tuesday’s 2.687 low being the first area of support followed by the 40 day
moving average currently at 2.595.
Technical Indicators: Moving Average Alignment – Neutral-Bullish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment