The natural gas monthly chart shows the entire price history for the natural gas futures contract dating back to the early-1990’s.
The 1.948 low set in October was the lowest spot price for
the natural gas market since April 2012.
The recent low also held above the 1.902 low from April 2012 as support
and could be a long term low for the market.
Near term support for the current spot December 15 contract
is the 2.188 contract low set two weeks ago and the bottom of an open gap area
on the daily continuation chart at 2.105-2.115.
The market may continue to weaken near term in a retest of the
above-mentioned downside support levels.
A rally above last week’s high for the December contract near 2.400
would likely signal that a market low has been set.
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