Technical Analysis Natural Gas for 8/12/15

Natural Gas prices continue to consolidate hovering near the 20-day moving average and stuck between two trend lines.  Ahead of hurricane season, natural gas prices have been experiencing minimal volatility but that could all change as storms begin to brew off the coast of Africa.  Weather continues to remain warm, with NOAA predicating hotter than normal temperatures across most of the United States over the next 8-14 days.

Prices are range bound with support at the 20-day moving average near 2.82.  The range is capped at a downward sloping trend line coming in near 2.85, and an upward sloping trend line that targets support at 2.74. Momentum as reflected by the MACD and RSI is flat.