Gains made in the natural gas market over the previous two days were completely erased on Wednesday as the market slumped back toward the weekly low.
The July contract fell by .064 (2.3%) on Wednesday closing at 2.634 which puts the bulls back on the defensive heading into today's session.
Weekly lows between 2.580-2.590 are the first areas of support today followed by the 2.540 contract low set in late-April. Longer term support is the 2.443 weekly and 2015 spot contract low also posted in late-April.
The 2.724 weekly high is the first area of resistance followed by the 10 and 40 day moving averages which are now in a bearish alignment. The 10 day average at 2.760 is the first moving average resistance followed by the 40 day average at 2.780.
Technical Indicators: Moving Average Alignment - Bearish
Long Term Trend Following Index - Bullish
Short Term Trend Following Index - Bearish
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