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Natural Gas Technical Report for January 18, 2017

By:
David Becker
Published: Jan 17, 2017, 20:02 UTC

Natural gas prices surged higher during the morning trading session but were unable to hold on to gain and drifted lower to close down on the day by

Natural Gas Technical Report for January 18, 2017

Natural gas prices surged higher during the morning trading session but were unable to hold on to gain and drifted lower to close down on the day by approximately 0.25%.  Colder than normal weather is forecast to cover most of the western United States for the next 8-14 days.  Cold weather generates heating demand which buoys natural gas prices.

Support is seen near the 10-day moving average at 3.3, while resistance is seen near the weekly highs at 3.50.  Momentum is turning positive as the MACD (moving average convergence divergence) index is poised to generated a crossover buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.

About the Author

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.

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