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Technical Analysis Natural Gas for 8/6/15

By:
David Becker
Published: Aug 6, 2015, 05:50 UTC

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.

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.

Technical Analysis Natural Gas for 8/6/15
Technical Analysis Natural Gas for 8/6/15

About the Author

David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.

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