Technical Analysis Natural Gas for 8/25/15

Natural Gas prices moved lower on Monday as the global equity route continued to erode the value of riskier assets.  Most commodities were under pressure with crude oil prices and copper prices hitting fresh 6-year lows.  Weather in the U.S. is forecast to remain warmer than normal but it will likely take a hurricane to boost the value of Natural gas.

Resistance on natural gas is seen near the 10-day moving average at 2.74, while support is an upward sloping trend line near 2.66.  Momentum remains negative with the MACD printing in the red with a flat trajectory.  The consolidating is reflected by a neutral reading on the RSI which is currently printing near 40 on the lower end of the neutral range.