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.
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.
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.