Technical Analysis Natural Gas for 8/18/15

Natural gas prices dipped on Monday despite a recent weather reports that suggest warm weather estimates across the eastern, central, and southern parts of the US. According to the National Oceanic Atmospheric Administration, the weather is expected to be warmer than normal during the fourth week of August 2015. This could boost the demand for electric power plants. It could benefit natural gas prices.

Prices dropped down to trend line support near an upward sloping trend line that at 2.73.  Resistance is seen near the 50-day moving average at 2.82, and then a downward sloping trend line at 2.88.  Momentum is flat and the RSI is printing a reading of 44, which is in the middle of the neutral range.