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Technicals Indicate Bullish Control; Additional Resistance Possible as Natural Gas Futures Surge - Natural Gas Intelligence

Natural Gas Intelligence · last updated

Technicals Indicate Bullish Control; Additional Resistance Possible as Natural Gas Futures Surge

Natural gas analysts are issuing cautionary warnings to market bulls, still firmly in control and backed by substantial technical strength, as near-term softness is possible after futures crashed through $3.000/MMBtu resistance.

July natural gas futures on the New York Mercantile Exchange (Nymex) spiked Monday to a high of $3.096. The rally stalled by midday, and the prompt-month settled 1.2 cents lower from Friday at $2.906 before bulls pulled July futures back above $3.000 overnight.

NGI's Pat Rau, senior vice president of Research & Analysis warned, "Resistance could lie ahead for natural gas futures, even as July has risen above the top of its 20-day Bollinger Band."

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