Natural Gas May Rebound From Contract Low: Technical Analysis
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Natural gas futures for April delivery may rebound from a 12 percent decline this year after it becomes the front-month contract today, according to a technical analysis by Chris Kostas, a senior analyst at Energy Security Analysis Inc.
The relative-strength index, known as the RSI, for the April futures fell to 31.62 yesterday. The index touched 31.41 on Feb. 17, the lowest level since Oct. 25. Readings near 30 suggest prices will increase, while figures above 70 can be sell signals.