The natural gas market has essentially crashed over the past 3 sessions with the spot January 15 contract losing .558 or 15.1%.
In yesterday’s trade, the January contract fell to a 3.120 low, the lowest price level the market has traded at since August 2013.
The trend remains down with weekly chart support at 3.050-3.120 being primary support. A drop under 3.050 would turn 2.750-2.760 into the next longer term support.
An open gap created on Monday between 3.351-3.444 is the first area of resistance today with longer term resistance at the 10 day moving average currently at 3.560.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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