After falling to a new contract and 3-year spot price low
last Friday, the November 15 natural gas contract closed nearly unchanged on
Monday holding above the 2.403 contract low as support.
The trend remains down although recent selling late week is
the type of price action seen near market lows.
The 2.491 weekly high is the first area of resistance with
longer term resistance at the 10 day moving average currently at 2.550. A
close above the 10 day average could be an early indication the market is
bottoming.
The 2.403 contract low extending down to a 2.385 weekly
chart low is the first area of support with longer term support between
2.230-2.250.
Technical Indicators: Moving Average Alignment –
Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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