Natural gas prices attempted to move higher on Wednesday but were unable to gain traction despite a forecast by the National Oceanic Atmospheric Administration that showed the weather would be warmer than normal over the next 8-14 days for most of the eastern portion of the United States.
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Momentum on Natural Gas Remains Negative
Prices were unable to recapture resistance which was former support near an upward sloping trend line that comes in near 2.985. This coincides with the 10-day moving average. Support on natural gas prices is seen near the October lows at 2.89. Momentum is negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices.