Natural Gas Futures Slide on Rejection of Key Moving Average

Natural gas futures slid on Friday after being rejected by the 50-day moving average at $2.930, according to the latest data from FXEmpire.

The market had spiked through the 50-day MA to $2.990 on Thursday but couldn't hold onto most of those gains, settling at $2.914.

A sustained move over the 50-day MA is likely to indicate the presence of buyers and could lead to a drive through $2.990 into the intermediate 50% to 61.8% retracement zone at $3.044 to $3.133.

However, if the market breaks below the retracement zone, it opens room back toward the contract lows.