Technical Analysis Natural Gas 11/12/15

Natural Gas prices moved lower on Wednesday ahead of Thursday EIA inventory numbers, Prices were unable to pierce resistance near the 2.40 range.  Additional resistance is seen near the 20-day moving average at 2.42. Momentum is positive as the MACD is printing in the black, but the trajectory is flat reflecting consolidation.  The RSI has moved from negative to positive territory coming from oversold territory.

Prices had moved higher earlier in the week as cold weather was forecast to cover the west coast of the U.S. On Wednesday the NOAA forecast changed reflecting warmer than normal weather which drove natural gas prices down.