Natural Gas closed higher due to short covering on Wednesday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off July's low, June's high crossing is the next upside target.