After falling to a new 4-week low at 2.641 in Tuesday’s early trade, the April 15 natural gas contract reversed back higher into the close gaining .014 to settle at 2.712.
The inability for the market to push under 2.567-2.575 weekly low support has brought buying back into today’s early trade. The 10 and 40 day moving averages between 2.805-2.815 are the first areas of resistance.
A breakout above the 10 and 40 day averages would turn the near term trend back higher with 2.980-3.020 level being the next upside resistance.
Support under the market begins at yesterday’s 2.641 low and extends down to weekly low support at 2.567-2.575. A drop under weekly low support and 2.390-2.400 would become the next longer term support.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index - Bullish
Short Term Trend Following Index - Bullish
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