Technical Analysis Natural Gas for 8/13/15

Natural-gas prices climbed to nearly a three-month high Wednesday as forecasts for hotter weather boosted expectations for demand.  Prices rose as NOAA forecast a warmer than expected 8-14 day forecast.  On Thursday, the U.S. Energy Information Administration updates its data on storage levels on and analysts expect the higher demand to keep additions much lower than they were to start the summer. Storage levels likely grew by 55 billion cubic feet of gas during the week ended Aug. 7, 2015.

Prices sliced through trend line resistance created from the highs in May and the highs in July near 2.85, but were unable to pierce trend line resistance at 2.92.  Support is seen near the 50-day moving average at 2.81.  Momentum has turned positive with the MACD (moving average convergence divergence) index generating a buy signal.