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Technical Analysis Natural Gas 11/12/15

By:
David Becker
Published: Nov 12, 2015, 04:41 UTC

Natural Gas prices moved lower on Wednesday ahead of Thursday EIA inventory numbers, Prices were unable to pierce resistance near the 2.40 range. 

Technical Analysis Natural Gas 11/12/15

Natural Gas prices moved lower on Wednesday ahead of Thursday EIA inventory numbers, Prices were unable to pierce resistance near the 2.40 range.  Additional resistance is seen near the 20-day moving average at 2.42. Momentum is positive as the MACD is printing in the black, but the trajectory is flat reflecting consolidation.  The RSI has moved from negative to positive territory coming from oversold territory.

Prices had moved higher earlier in the week as cold weather was forecast to cover the west coast of the U.S. On Wednesday the NOAA forecast changed reflecting warmer than normal weather which drove natural gas prices down.

Technical Analysis Natural Gas 11/12/15
Technical Analysis Natural Gas 11/12/15

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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