October Natural Gas looks to me to be moving once again to 3.58, the contract low, having dropped through 3.75 support on Thursday. Long-term and short-term trends are down. 10-year seasonal trend is currently up, but changes to down by end of August. (15-year seasonal trend is similar.) 14-day exponential RSI dropped through two up-trend lines last Friday and currently shows no sign of recovering strength. I suspect that price will probably bounce at 3.58, perhaps back to 3.75. However, whether 3.58 will hold remains to be seen.
