The natural gas market remains in a bearish downtrend that currently shows no signs of bottoming.
The market had been in a 13-week sideways trading range before breaking out to the downside under 3.780-3.810 support last Thursday.
After settling Monday’s session at 3.670, down .096 (2.5%) for the day, the November 14 contract has now traded down to a new contract low of 3.631 in the overnight session. This low is the first area of support today followed by 3.545-3.550. Longer term support is at 3.440-3.460.
This is expected to be the final sell off before a seasonal low forms in the market.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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