After trading down to a 2.775 early morning low on Wednesday, the April 15 natural gas contract finished the day near a 4-week high settling at 2.920, up .065 (2.2%).
The April contract has now closed higher the past two days after holding above weekly low trend line support on Monday’s 2.674 low. However, it faces heavy selling resistance first at yesterday’s 2.935 high extending up to 2.950 with following resistance at the 3.045 February high.
The 10 and 40 day moving averages between 2.780-2.790 area the first areas of support with longer term support at the lower trend line currently at 2.670-2.690. A close under this trend line would be a very bearish technical signal for the market.
Technical Indicators: Moving Average Alignment – Neutral
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
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