The April 15 natural gas contract traded higher for most of Monday’s morning session but began to sell off by mid-day trade. By day’s end, the contract had lost .036 to settle at 2.698.
The near term trend remains down with the current 2.641 overnight low being the first area of support followed by weekly low support between 2.567-2.575.
A close under weekly low support would turn the lower-2.400 level into the next longer term support.
The 10 and 40 day moving averages broken as support last week now become primary resistance and are both currently at 2.815.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bearish
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