Natural Gas Price Analysis for September 28, 2017

Natural gas prices rebounded higher climbing 1.8%, following a stronger than expected Durable goods orders report, released in the United States. Warmer than normal weather is expected to continue to cover most of the United States for the next 8-14 days according to the National Oceanic Atmospheric Administration. Warmer than normal weather will drive up heating demand just ahead of the withdrawing season.

Prices Rebounded near Support

Prices bounded near support that is an upward sloping trend line that comes in near 2.92.  Resistance is seen near the 10-day moving average that comes in near 3.017. Momentum is negative, but turning neutral as the MACD histogram prints in the red, but the trajectory is turning upward. This is similar for the upward trajectory of the RSI (relative strength index) which shows decelerating negative momentum.