After falling to a new 2015 spot and contract low at 2.443 in Monday’s early trade, the May 15 natural gas contract moved back higher into the close settling at 2.490, just under the daily high.
The May contract which expires on today’s close lost .041 on the session gapping down for a second Monday in a row.
Buying has continued overnight partially closing the open gap between 2.492-2.518. This gap remains the first area of resistance today followed by the 10 day moving average at 2.570.
If early buying fades, the 2.468 overnight low extending down to yesterday’s 2.443 low will be primary support followed by 2.390-2.400.
Technical Indicators: Moving Average Alignment – Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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