Natural Gas Intraday: under pressure below 3.2900

3.2900 is our pivot point.

Our preference: under pressure below 3.2900.

Alternative scenario: the upside breakout of 3.2900, would call for 3.4200 and 3.4900.

Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Natural Gas (NYMEX) (NOV5) is trading under both its 20 and 50 period moving average (respectively at 3.1960 and 3.2310).

Supports and resistances:
3.4900 **
3.4200 *
3.2900 **
3.2400
3.1840 last
3.0300
2.9500 **
2.8700 *
2.8000 **