The March 15 natural gas contract was heavily sold for a second on Thursday falling to a 2.578 intraday low holding just above 2.575 weekly low support.
The March contract finished the session at 2.600 losing .062 or 2.3% for the day.
Overnight selling has again retested 2.575 weekly low support from August 2012 with the current low being 2.574. Failure to break under this support over the next few session could see short covering reversal back higher.
Former daily low support between 2.750-2.800 which was tested earlier this week remains primary resistance. Tuesday’s high for the March contract was 2.783 before the market turned back lower. A breakout above 2.800 would turn the near term trend back higher with following resistance between 2.980-3.020.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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