Technical Analysis Natural Gas for 8/4/15

Natural Gas prices moved higher on Monday, as warmer than expected weather is supposed to infiltrate most of the United States over the next 8-14 days according to NOAA.  Softer than expected manufacturing number released by the Institute of Supply Management did little to help price action.  With crude prices continuing to fall, traders will need to wait until Hurricane season kicks in to experience significant volatility.

Prices held support levels near an upward sloping trend line at 2.73.  Short term resistance is seen near the 10-day moving average at 2.81.  Prices pushed through upward sloping trend line support at 2.76, and retested that level Monday before coming off of the highs.  Prices continue to consolidate as reflected by the RSI which is printing a reading of 45, which is in the middle of the neutral range.