Technical Analysis Natural Gas for July 26, 2016

Natural gas prices attempted to move higher on Monday as warmer than normal weather continues to be forecasted to cover most of the United States over the next 8-14 days.  Prices were unable to hold up above the 20-day moving average at 2.756.  Support is seen nat the July lows at 2.60.  The decline in crude oil prices and distillates weighed on Natural gas.
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According to the National Oceanic Atmoshperic Administration, the weather throughout the entire U.S. is expected to be warmer than normal over the next 2-weeks, driving up cooling demand and natural gas use.  Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices. The RSI (relative strengh index) appears to have found suport which could lead to consolidation.