Nymex natural gas futures in month of September, closed at 3.01$ with loss. This was first losing month for nymex natural gas futures after gains in august. In September, nymex natural gas futures hit high at 3.16$ while recorded low of 2.88$ and closed with losses. Total almost 28 cent month range and negative closing for nymex natural gas futures on profit booking as well as fresh shorting.
On daily chart, nymex natural gas is trading with heavy losses for October series. And today almost hit October bearish target of 2.87$ with low at 2.88$. Now trading just below all short term average levels which is very bearish sign. Daily chart RSI is at 41 and heading towards 30 level while MACD is above zero with bearish patterns.
For month of October, nymex natural gas futures below 3.01$ remain weak and sell for bearish targets around 2.87$ and then 2.73$ for October series. And today we almost saw 2.87$ target is achieved with low of 2.88$ with 4% down session for natural gas prices. Below 2.87$ next breakdown will have target around 2.73$. On reversal above 3.01$ then that will be strong buy signal for short covering rally up to 3.15$ to 3.3$ levels.