Natural gas closed lower on Tuesday and below April's low crossing at 3.52 as it extended the decline off June's high. The low range close sets the stage for a steady to lower opening on Wednesday.
Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If August extends this summer's decline, weekly support crossing at 3.155 is the next downside target. Closes above the 20 day moving average crossing at 3.971 are needed to confirm that a short term low has been posted.
First resistance is the 10 day moving average crossing at 3.77
Second resistance is the 20 day moving average crossing at 3.97
First support is Monday's low crossing at 3.37
Second support is weekly support crossing at 3.16
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