Technical Analysis Natural Gas for 8/19/15
Natural gas prices continued to slide lower on Tuesday, despite forecasts for warmer than expected weather throughout most of the U.S. Stronger than expected GDPNow and best than expected housing starts failed to buoy natural gas prices. Natural gas sliced through trend line support at an upward sloping trend line
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Natural gas prices continued to slide lower on Tuesday, despite forecasts for warmer than expected weather throughout most of the U.S. Stronger than expected GDPNow and best than expected housing starts failed to buoy natural gas prices.
Natural gas sliced through trend line support at an upward sloping trend line at 2.73. Support is now seen at 2.66. Short term resistance is seen near 2.82. Additional resistance is seen near a downward sloping trend line at 2.94. The RSI moved lower with price action reflecting accelerating negative momentum while the MACD is printing in the red with a downward sloping trajectory.
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