Technical Analysis Natural Gas for 8/6/15
Natural gas prices reversed mid-day following a report from NOAA that showed cooler than normal temperatures would cover most of the south and mid-west. Downward pressure from crude oil prices also continue to weigh on natural gas.
Prices ran into resistance created from a downward sloping trend line that connects the highs in July the high on July 30, and comes in at 2.85. Prices moved through the 50-day moving average at 2.804 which is now short term resistance. Support is seen near an upward sloping trend line that comes in near 2.73. Prices have created a consolidative range that is reflected by the RSI printing a reading of 48, which is in the middle of the neutral range.