The January 16 natural gas contract which became the new
front month contract last week has traded down to a new contract low at 2.175
in today’s session but has since traded back toward unchanged.
Today’s early weakness follows selling last week which
dropped the January contact lower by .079 or 3.4% during the holiday-shortened
week settling Friday at 2.212.
The trend at this point remains down with the 2.175
overnight low being the first area of support followed by weekly chart support
at 2.051. Longer term support is the
1.948 monthly low set in late-October.
2.220-2.230 is the first area of resistance today followed
by the 10 day moving average currently
at 2.355.
Technical Indicators:
Moving Average Alignment – Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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