Natural Gas Price Analysis for July 25, 2017
Natural gas prices tumbled on Monday as colder than normal weather is expected to cover most of the United States for the next 8-14 days, which could reduce cooling demand, and spillover into demand for natural gas. Cool weather in the heart of the summer only spells trouble for natural gas prices.
Natural Gas Momentum is Poised to Turn Negative
Prices dropped nearly 2.5%, and are poised to test the July lows at 2.83. Resistance on natural gas is seen near the 10-day moving average at 3.0. The relative strength index (RSI) which is a momentum oscillator moved lower with price action reflecting accelerating negative momentum. The MACD (moving average convergence divergence) index is about to generate 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.
This article was originally posted on FX Empire
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