The April 15 natural gas contract closed higher for a second day on Wednesday adding .057 or 2.1% to settle at 2.769.
The April contract has reached 10 and 40 day moving average resistance at 2.800-2.810 in the early trade today with a 2.815 daily high.
A breakout above moving average resistance at the lower-3.800 level would turn the near term trend back up with 2.980-3.000 becoming the next longer term resistance.
If resistance holds, Tuesday’s 2.641 low will be the first area of support followed by 2.567-2.575 weekly low support. A close under weekly low support would turn 2.390-2.410 into the next longer term support.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
No comments:
Post a Comment