Natural Gas Price Analysis for January 10, 2018

Natural gas prices jumped back into the middle of its current trading range as the 6-10 day forecast shows colder than normal weather forecast to cover most of the United States. This should be offset by the 8-14 day forecast which shows much warmer than normal weather cover the U.S. according to the National Oceanic Atmospheric Administration.

Momentum is Neutral

Support is seen near the 10-day moving average at 2.873. Additional support is seen near an upward sloping trend line that comes in at 2.53.  Resistance on natural gas is seen near a downward sloping trend line that connects the highs in 2012 to the highs in November 2017 and comes in near 3.12. Positive momentum has decelerated as the MACD (moving average convergence divergence) histogram prints in the black with a declining trajectory which points to consolidation.