Another volatile session on Monday as the spot December 15
natural gas contract spiked down to a new contract low at 2.051 in early trade.
Weakness was short-lived as buyers came in rallying the
contract to a higher close on the day settling at 2.210, up .065 (3%).
A potentially bullish hammer candlestick former on
yesterday’s daily bar but has not been confirmed with higher trade today.
Yesterday’s 2.051 low remains primary support followed by
weekly chart support at 1.948.
4.220-4.230 is the first area of resistance followed by the
10 day moving average at 2.275. A close back above the 10 day average is
needed to turn the near term trend back up.
Technical Indicators: Moving Average Alignment –
Bearish
Long
Term Trend Following Index – Bearish
Short Term Trend Following Index - Bearish
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