Technical Analysis Natural Gas for 11/4/15
Natural gas prices edged higher but remain depressed as warmer thannormal temperatures are forecasted to cover the entire United States according to the Nation Oceanic Atmospheric Administration over the next 8-14 days.
Prices are hovering near support near the October lows at 2.19. Resistance is the 20-day moving average at 2.54. Momentum remains negative with the MACD printing in the red with a downward sloping trajectory. The only caveat is that the RSI (relative strength index) is printing a reading of 25, which is well below the oversold trigger level of 30 and could foreshadow a correction.