Natural Gas Corner - Technical Update - Market Slowly Rolling Over

The August 16 natural gas contract held in a sideways range for a sixth straight day on Thursday closing the session at 2.727, down .010.

Daily settle for a sixth day under the 10 day moving average keeps the near term trend sideways to lower with the 2.687 weekly low being the first area of support followed by the 40 day moving average at 2.620.  Longer term support is the 200 day moving average currently at 2.450.

The 10 day average is the first area of resistance today at 2.770 with a close back over this average needed to turn the near term trend back higher.  Following resistance is the 2.871 high set last week followed by the 2.998 high set in early-July.

Bottom line – Market slowly rolling over to the downside.

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