Natural Gas Price Analysis for November 16, 2017

Natural gas prices continued to trade sideways, as colder than normal weather which is forecast to cover most of the United States for the next 6-10 days will be offset by normal weather during the 8-14 day period. Prices continue to trade around the 10-day moving average which is seen as resistance near the 10-day moving average at 3.11.

Momentum is Neutral

Resistance is seen near the November highs at 3.24.  Support on natural gas is seen near the bottom of the November gap at 2.99. Positive momentum is decelerating as the MACD (moving average convergence divergence) histogram is printing in the black, but the trajectory is flattening which reflects decelerating positive momentum. The RSI is printing a reading of 48, which is in the middle of the neutral range which reflects consolidation.