Natural gas prices rose for a second day on Tuesday but the
November 15 contract was unable to clear 10 day moving average resistance.
With resistance holding, the near term trend remains sideways to down for
the market.
After settling yesterday’s session at 2.476, up .034, the
November 15 contract has since sold back off in today’s early trade falling
back toward 2.403 weekly low support.
The 2.403 weekly low extending down to 2.385 is primary
support. If support is broken, 2.230-2.250 will turn into the next
longer term support.
The 10 day moving average at 2.480 is the first area of
resistance followed by last week’s 2.578 high. A breakout above last
week’s high and the 40 day moving average currently at 2.625 will turn the
longer term trend back up.
The bullish double bottom reversal will remain viable if
2.403-2.410 support can hold today.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
No comments:
Post a Comment