Technical Analysis Natural Gas for 11/9/15

Natural gas prices rebounded on Friday and bucked the trend for most commodities.  Prices were buoyed by Thursday’s smaller than expected injection of natural gas into storage according to a report by the Department of Energy.  According to the EIA natural gas in storage increased by 52 Bcf compared to the 60 expected.

Prices rebounded back to the break down level at 2.40.  Additional resistance is seen near the 20-day moving average at 2.48. Momentum has turned positive as the MACD (moving average convergence divergence) index generaged a buy signal.