Natural gas was higher in overnight trading Monday night as it consolidated below the 10 day moving average crossing at 3.875. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.
If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.990 would signal that a short term low has been posted.
Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.
Tuesday's pivot point for natural gas is 3.76
First resistance is the 10 day moving average crossing at 3.875
Second resistance is the 20 day moving average crossing at 3.990
First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500
Today’s Stock Market Club Trading Triangles
Futures ALERT Everyday In your Inbox Click Here
No comments:
Post a Comment