Wednesday, August 4, 2010

Natural Gas Daily Technical Outlook For Wednesday

Natural gas was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term.

Closes below the 20 day moving average crossing at 4.576 would confirm that a short term top has been posted. If September renews the rally off July's low, June's high crossing at 5.282 is the next upside target.

First resistance is Monday's high crossing at 5.007
Second resistance is June's high crossing at 5.282

Wednesday's pivot point for natural gas is 4.696

First support is Tuesday's low crossing at 4.625
Second support is the 20 day moving average crossing at 4.576

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