Natural gas closed lower on Thursday due to profit taking as it consolidated some of this week's rally. The low range close sets the stage for a steady to lower opening on Friday.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If July extends this week's rally, May's high crossing at 4.690 is the next upside target. Closes below the 20 day moving average crossing at 3.892 would confirm that a short term top has been posted.
First resistance is Tuesday's high crossing at 4.387
Second resistance is May's high crossing at 4.690
First support is the 10 day moving average crossing at 3.948
Second support is the 20 day moving average crossing at 3.893
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