natural gas

natural gas

Friday, October 9, 2015

Natural Gas Corner - Technical Update - Key Resistance Holds For A Second Day On Thursday




The November 15 natural gas contract has been moving steadily higher from the 2.403 contract low set last week closing yesterday at 2.498, up .024.

The November contract has not been able to clear 10 day moving average resistance holding under this level the past two days as well as in the overnight session.

A breakout and close above the 10 day moving average at 2.510 will turn the near term trend back up with 2.590-2.600 becoming the next upside resistance.

Key support remains last week’s new 2015 spot contract low at 2.403.  A drop under this level will turn 2.230-2.250 into the next longer term support.

Technical Indicators:  Moving Average Alignment – Bearish
                                         Long Term Trend Following Index – Bearish
                                         Short Term Trend Following Index - Bearish

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