August 12, 2010 3:57 PM IST

Natural Gas - Daily technical Forecast

Natural Gas closed higher on Wednesday as it consolidates above support marked by July's low crossing. The high-range close sets the stage for a higher opening on Thursday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off last week's high, May's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.