Natural gas prices moved higher on Friday, climbing 2%, and poised to test short-term resistance which is seen near 3.14. Additional resistance is seen near the November highs at 3.23. Support is seen near a gap that was created in November at 3.0. Prices are chopping around sideways and have remained in a relatively tight range for the past 2-months.
Momentum is Neutral
Momentum on natural gas prices is neutral as the MACD (moving average convergence divergence) histogram prints near the zero-index level with a flat trajectory which reflects consolidation. The relative strength index (RSI) is also moving sideways, which reflects choppy market conditions, and is currently printing a reading of 52, which is in the middle of the neutral range and also reflects consolidation.