Natural gas prices fell lower for a second day on Wednesday
with the spot October contract trading back toward the lower end of the past 3
week range.
A rally higher earlier this week was another short squeeze
which has been followed by renewed selling. The October 15 contract lost
.068 (2.5%) on Wednesday settling at 2.660 and is down nearly 5% from the 2.794
weekly high set on Tuesday.
Daily settle back under the 10 day moving average turns the
near term trend back down with the 2.633 contract low being the first area of
support. Longer term support levels from the weekly chart are at
2.550-2.560 and 2.440-2.450.
The 10 day moving average at 2.690 is the first area of
resistance today followed by the 2.794 weekly high.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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