Natural Gas Price Prediction – Prices Close Unchanged forming Doji Day

Natural gas prices consolidated on Monday forming a doji day. This came as supply rose in the latest week. According to NOAA, the weather is expected to be normal to warmer than normal across most of the United States for the next 2-weeks.

Technical Analysis

Natural gas prices were unchanged, forming a doji day where the open and close were at the same level, reflecting indecision. Prices tested support near the 10-day moving average at 2.58 and rebounded. Resistance is seen near the 50-day moving average at 2.78. Support is seen near the 10-day moving average at 2.56. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal.

Supply rises in Latest Week

According to the EIA, the average total supply of natural gas rose by 0.2% compared with the previous report week. Dry natural gas production decreased by 0.3% compared with the previous report week. Average net imports from Canada increased by 6.0% from last week.