Technical Analysis Natural Gas for November 13, 2015

Natural gas prices edged higher on Thursday as colder than normal weather continued to make its way across the U.S. according to a forecast produced on Thursday evening by the Nation Oceanic Atmospheric Administration.  NOAA forecast that most of the eastern portion of the United States will remain warmer than normal over the next 8-14 days.  Traders await the EIA natural gas report scheduled to be released on Friday.  The report was delayed one day due to the Veterans Day holiday in the United States.

Prices made a fresh low on Thursday and also had a lower high but closed up on the day.  Resistance is now seen near the 20-day moving average at 2.40.  Support is seen near the recent lows at 2.19.  Momentum is positive as the MACD (moving average convergence divergence) index is printing in the black but the trajectory of the MACD is relatively flat which reflects consolation.