Natural Gas Price Analysis for July 27, 2017

Natural gas prices whipsawed higher early in the trading session but was unable to hold on to gains and eventually moved down, declining by 1%.  Below normal temperatures are forecast to cover most of the middle of the United States for the next 2-weeks, but warm weather is sliding west, which could help keep prices buoyed.

Market Remain Choppy

Prices made a higher high and a higher low, but the lower close reflects a confused market.  Support is seen near the weekly lows at 2.88. Choppy conditions make this a difficult market to trade. Resistance is seen near the 10-day moving average at 2.99. Additional resistance is seen near the July highs at 3.11. Momentum is neutral as the MACD (moving average convergence diverge) histogram prints near the zero-index level with a flat trajectory which points to further consolidation.