Natural gas prices moved higher on Tuesday generating an inside day which reflects indecision. The rebound follows Monday drop of more than 2%, after a
Natural gas prices moved higher on Tuesday generating an inside day which reflects indecision. The rebound follows Monday drop of more than 2%, after a report was released by the National Oceanic Atmospheric Administration. The report shows that the weather over the next 2-weeks is expected to be cooler than normal which could reduce cooling demand and weigh on natural gas prices.
Resistance is seen near the 10-day moving average at 2.995, while support on natural gas prices is seen near the weekly lows at 2.88. Momentum is decelerating as the MACD (moving average convergence divergence) index edge lower toward the zero index level, and could potentially generate a crossover sell signal. The MACD histogram is nearly unchanged with a flat trajectory which reflects consolidation. The RSI (relative strength index) is printing a reading of 45, which is in the middle of the neutral range and reflects consolidation.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.