The October 15 natural gas contract fell back toward 2.641
weekly low support for a third time over the past week during Monday’s session.
With support holding again, the October contract moved back
higher into the session’s close settling down .026 at 2.689, but well
above the 2.643 intraday low.
The trend remains sideways to lower with a breakout under
2.638-2.640 weekly low support needed to extend the downtrend. If support
is broken, 2.440-2.450 and 2.230-2.250 will become the next longer term support
levels.
The 10 day moving average at 2.705 is the first area of
resistance today followed by the 40 day average at 2.800.
The bearish triangle on the weekly chart remains
intact. The point 1 low at 2.443 is the initial downside objective for
the triangle.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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