The September 15 natural gas contract spiked higher by .053
or nearly 2% in the minute following release of the EIA weekly storage report
on Thursday.
After topping out at a 2.782 daily high, the contract pulled
back into the close settling at 2.755, up .039.
Another short-covering rally lifted the market yesterday but
the primary trend remains sideways to lower.
The 2.680 weekly low is the first area of support today
followed by 2.650-2.660. Longer term support levels are the 2.590-2.600
weekly lows. If this support is broken, 2.440-2.450 and 2.230-2.250 will
become the next downside price objectives.
The 10 day moving average held as resistance on Thursday and
is the first level of resistance today at 2.780 followed by the 40 day average
at 2.800.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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