Natural Gas Price Analysis for August 30, 2017

Natural gas prices moved higher on Tuesday surging 2.6%, and breaking through trend line resistance from a downward sloping trend line that comes in near 2.97.  Support is seen near the 10-day moving average at 2.93. additional support is seen near an upward sloping trend line at 2.77. Demand for natural gas has slid as refiners have come off line. Cooler than normal weather is expected across most of the Mid-west which could spur on heating demand

Momentum is Positive

Momentum has turned positive as the RSI (relative strength index) which is a momentum oscillator that measures accelerating and decelerating momentum, moved higher with price action reflecting accelerating positive momentum. The MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices for natural gas.