Natural Gas Price Analysis for November 21, 2017

Natural gas prices moved lower on Monday breaking through short term support as the warmer than normal weather is forecast to move east, potentially reducing heating demand in the early part of December. The 6-10 day forecast remain colder than normal which should buoy short term heating demand. Prices broke through support near 3.05, and closed near 3.04.  Support on natural gas is seen near the November lows at 2.96.  Resistance on natural gas prices is seen near the 10-day moving average at 3.13.

Momentum is Neutral

Momentum is neutral and possible turning negative as the MACD (moving average convergence divergence) index line, is sliding to the MACD signal line which would signal a crossover sell signal.  The trajectory of the MACD histogram is flat which reflects consolidation in prices.