The October 15 natural gas contract on Wednesday traded down to a new 2015 contract low breaking under 2.638-2.640 weekly low support.
After settling yesterday’s session at 2.648, down .054, the
October contract has not been able to push down in early trade today under
Wednesday’s 2.632 low.
With weekly low support broken, 2.550-2.560 from the weekly
chart becomes the next downside support followed by the current 2015 spot
contract low of 2.443.
The 10 day moving average at 2.680 is the first area of
resistance today followed by the 2.721 weekly high. Longer term
resistance is the 40 day moving average currently at 2.800.
Volatility may increase today following release of the
EIA weekly storage report.
Technical Indicators: Moving Average Alignment –
Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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