Natural Gas Price Analysis for June 29, 2017
Natural gas prices pushed higher closing above trend line resistance, as warmer than normal weather is forecast to cover most of the United States over the next 8-14 days according to the Nation Oceanic Atmospheric Administration. Prices pushed to test June highs at 3.12, but were unable to hold these elevated levels ahead of Thursday inventory report from the Department of Energy. Support is seen near the 10-day moving average at 2.99.
Momentum has Turned Positive
Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread. The index moved from negative to positive territory confirming the buy signal. The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices for natural gas.
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