Nat Gas falling

Natural Gas is one of the weakest energy commodities, according to Cornelius Luca, Global Chief Technical Analyst at Thomson Reuters.

Natural Gas fell to a near 2-week low in the upper half of its declining channel (from January) and slipped back below its declining 21-day exponential moving average. The fast stochastics are bearish and MACD is neutral. As such, Luca suggests shorting natural gas (NGc1) while it remains below its 21-day exponential moving average.

Initial support is at 2.667, with further support at 2.572. Initial resistance is at 2.849 with further resistance at 2.955.

See chart.