Gold Silver Reports – Natural Gas Price Report Analysis for October 10, 2017- Natural gas prices continue to decline on Monday, after dropping through trend line support on Friday. Prices were unable to gain traction, as warmer than normal weather is expected to cover most of the United States over the next 8-14 days, which will substantially reduce cooling demand in the beginning of the fall.
“Natural Gas Breaks Down Further
Resistance is seen near an upward sloping trend line that connects the lows in November to the lows in August and comes in near 2.90. Support is seen near the February 2016 lows near 2.50. Momentum remains negative as the relative strength index (RSI) which is a momentum oscillator that measures accelerating and decelerating momentum, broke down to fresh lows reflecting accelerating negative momentum.”
This was confirmed by the MACD histogram which continue to show an negative trajectory pointing to lower prices for natural gas. – Neal Bhai Reports
