The natural gas market was hit with another round of selling on Thursday following release of the weekly storage report dropping the July contract down to a new 6-week low.
The 2.556 intraday low held above the 2.540 contract low set in late-April which brought light buying into the close as the July contract settled at 2.626, down 8 ticks.
The primary trend remains down with 2.550-2.556 being the first area of support followed by weekly chart low support at 2.443. Longer term support is at 2.230-2.250.
Thursday's 2.675 high is the first area of resistance today followed by the 10 day moving average currently at 2.715.
Technical Indicators: Moving Average Alignment - Bearish
Long Term Trend Following Index - Bullish
Short Term Trend Following Index - Bearish
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