The April 15 natural gas contract reversed back lower in Thursday’s session completely erasing the previous day’s gains some to settle at 2.813. Losses for the day came in at .107 or 3.6%.
The 10 and 40 day moving averages held as support at yesterday’s 2.776 low and need to be broken to turn the near term trend back down.
Wednesday’s 2.935 high extending up to 2.950 remains primary resistance. A breakout above 2.950 would turn the 3.045 February high into the next upside resistance.
The 10 day and 40 day moving averages at the 2.780-2.785 level today are the first area of support followed by the weekly low trend line currently at 2.690-2.700. Longer term support is the 2.589 contract low set in early-February.
Technical Indicators: Moving Average Alignment – Neutral-Bullish
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
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