The November 14 natural gas contract was able to regain its footing on Tuesday to close the day higher after falling to a new contract low in early trade.
After falling to a 3.631 morning low, the November contract reversed back higher and closed the session with a .041 gain settling at 3.711.
The primary trend for the market remains down following last week’s breakout under 3.780-3.810 support. A close back above this former support level should be an early indication the market trend has turned back higher.
Support for today begins at the 3.631 contract low set yesterday followed by weekly chart support at 3.450-3.500 and 3.379 which was a spot weekly low from November 2013. It was from the November low that the winter 13-14 rally began.
Upside resistance begins at yesterday’s 3.716 high followed by the 10 day moving average at 3.785.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
No comments:
Post a Comment