After trading .100 lower in yesterday’s morning session, the
December 15 natural gas contract reversed back higher into the close finishing
the day at 2.371, down .014.
A third day settle on Tuesday above 10 day moving average
support keeps the near term trend bullish with 2.390-2.400 again being the
first level of resistance followed by Monday’s 2.460 high.
Longer term resistance is the 40 day moving average
currently at 2.525. A breakout above the 40 day average would turn the
longer term trend back up.
The 10 day moving average is the first area of support
today at 2.340 with longer term support at the 2.188 and 2.234 weekly
lows. If 2.188 contract low support is broken, 2.105-2.115 will become
the next downside support. Longer term support is the 1.948 weekly low
set late-October.
Technical Indicators: Moving Average Alignment –
Neutral-Bearish
Long Term Trend Following Index – Bearish
Short Term Trend Following Index - Bullish
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