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TFC Commodity Trading Forum

June Nat Gas/Bumping Resistance....again *PIC*

June Nat Gas typically ran up to its price resistance at 2.40 which is also its falling 50ema and backed off once again. Price has to clear and hold above 2.40 to suggest a change in even the short term trend. Resistance is resistance and all the b.s. in the world can't change that. The big test once again is to see price pullback to the 2.00 area and see if this will finally serve as support. A nice "W" pattern at this point could suggest strength especially holding above 2.00 with stronger technicals. Or pulling back a lttle and holding above its 20ema and turning back up again would also be a positive sign as price has cleared and held above the 20ema for 3 days now. Also note the RSI 21 bumping up against the 50 line at this price resistance point. That also needs to cross up for a change. Bottom line: Price must clear 2.40 to mean much of anything bullish. Meanwhile if it looks and acts like a bear it probably is..............