Natural gas prices tumbled on Friday as warmer than normal weather is forecast to cover most of the United States over the next 8-14 days which is
Natural gas prices tumbled on Friday as warmer than normal weather is forecast to cover most of the United States over the next 8-14 days which is significantly weighing on prices. Inventories dropped less than expected, which helped natural gas fall nearly 4%. Support is seen near the November lows at 2.84, and a break of this level would lead to a test of the February 2016 lows at 2.35.
Momentum has Turned Negative
Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving aveage minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The index moved from positive to negative territory confirming the sell signal.
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.