Natural Gas Price Analysis for October 18, 2017
Natural gas prices whipsawed on Tuesday moving higher initially but were unable to hold higher levels and closed near the lows. Warmer than normal weather is expected to cover most of the United States for the next 8-14 days except for the southeast, which is expected to experience cooling than normal temperatures. Prices Attempted to test resistance near last weeks highs at 3.036, but tumbled into the close and settled at the low at 2.93, just above support near the 10-day moving average near 2.92.
Momentum is Neutral
Momentum is neutral as the MACD (moving average convergence divergence) index prints in the black but the MACD histogram has a flat trajectory which reflects consolidation. The relative strength index (RSI) which is a momentum oscillator that measures accelerating and decelerating momentum, is moving sideways, reflecting consolidation. The current print of 46, is also in the middle of the neutral range.
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