Natural Gas Looks To Head Even Lower

Natural Gas Looks To Head Even Lower
Natural Gas Looks To Head Even Lower

Natural Gas Futures—Natural gas futures in the June contract is trading lower for the 5th consecutive session down another 5 points at 2.57 breaking major resistance as prices look to head even lower in my opinion.

At the present time I don’t have any recommendations in the energy sector, but if you are long a futures contract it is time to exit and move on in my opinion as major support has been breached on the daily, weekly, and monthly chart as the next major level of support is all the way down around the 2.40 level.

Gas prices are trading under their 20 and 100 day moving average as clearly the trend is to the downside as inventories have been rising in recent weeks as that is putting pressure on prices in the short term.

The volatility in natural gas still remains relatively low as we continually grind lower on a weekly basis, but at this point in time I see no reason to be a buyer of this commodity.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: LOW

 

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