The natural gas market was able to move back higher on Tuesday after the March 15 contract held above key support at the lower-3.800 level on early weakness.
After bottoming out at a 3.827 morning low, the March contract rallied higher to close at 2.902, up .023.
By holding above lower-2.800 support on Tuesday, the trend for the market remains sideways to higher. Yesterday’s 2.972 high extending up to the 3.039 high set on Monday is primary resistance.
Longer term resistance is between 3.180-3.200 and the 3.299 mid-January high.
2.820-2.830 which includes the 10 day moving average is key support as a close under this area will turn the near term trend back down. Following support levels are the 2.567-2.575 weekly lows reached two weeks ago.
Technical Indicators: Moving Average Alignment – Neutral-Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
No comments:
Post a Comment