Natural gas prices moved lower on Tuesday but finish the trading session well off their lows. Despite the rebound prices will still face the headwinds of
Natural gas prices moved lower on Tuesday but finish the trading session well off their lows. Despite the rebound prices will still face the headwinds of warmer than normal weather that is expected to blanked most of the United States over the next 8-14 days according to the Nation Oceanic Atmospheric Administration.
Natural gas was unable to test support level near the November lows at 2.07. Resistance is seen near the 20-day moving average at 2.29. Momentum has turned negative with the MACD (moving average convergence divergence) index generating a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread. The index moved from positive to negative territory confirming the sell signal. The RSI (relative strength index) edged lower on Tuesday and is printing a reading of 36, which is on the lower end 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.