NATURAL GAS closed lower on Wednesday and the midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decline off July's high, the 62% retracement level of the AprilJuly rally crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.
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