Natural gas futures bulls were repelled by resistance at $5.192 once again on Monday, resulting in the July contract retreating to close at $4.873, down 12.4 cents. The July contract has now failed that resistance test five out of the last six days, which oddly enough offers encouragement to both the market’s bulls and bears.
Repelled
Articles from Repelled
Natgas Futures Move Lower in Concert with Petroleum
Repelled from last week’s attempts to break through the $8 resistance area, June natural gas futures on Monday worked lower for a change, trading within a slim 13-cent range before settling at $7.779, down 15.9 cents from Friday’s close.
May 8, 2007
Awaiting Further Direction; Futures Continue to Straddle $7
Keeping May natural gas futures firmly centered around the psychological $7 figure, natural gas traders on Tuesday pushed the prompt month higher, only to be repelled by resistance at $7.09 for the second consecutive session.
April 20, 2005
Futures Repelled From $6 Assault Due to Heavy Resistance
Despite closing almost 2 cents up on the day, some market-watchers considered Tuesday a loss for August natural gas futures as morning trading levels as high as $5.96 could not be sustained. The prompt month tapped out at $5.805 on the downside in afternoon trading before settling at $5.837, up 1.9 cents on the day.
July 21, 2004
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