Today’s expiring August 15 natural gas contract moved higher
for a second day on Tuesday but remains mired in a sideways trading
range. The August contract gained .032 settling at 2.821.
The trend for the market remains sideways to down but could
see further upside price action today during expiration of the August contract.
The current overnight high of 2.873 is the first area of
resistance followed by last week’s 2.951 high. Longer term
resistance is the 200 day moving average currently at 3.070.
Last Friday’s 2.735 low is primary support followed by the
early-July 2.644 low. Longer term support levels at the 2.569 and 2.588
weekly lows set in late-April and early-June.
Technical Indicators: Moving Average Alignment –
Neutral
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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