MTECHTIPS;- Natural Gas Price Prediction – Prices Whipsaw and Remain Undervalued

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MTECHTIPS;- Natural Gas Price Prediction – Prices Whipsaw and Remain Undervalued Despite Low Inventories

MTECHTIPS-Natural gas prices attempted to move higher on Tuesday but they were unable to pierce through resistance levels near last weeks highs at 2.83. Support is seen near the 10-day moving average at 2.78.  Inventory levels remain near the lower end of the 5-year range according to the Department of Energy.  Trader’s now await both the ISM manufacturing report which will describe potential manufacturing driven demand and Thursday’s inventory report from the Energy Information Administration.  Natural gas prices are 12% below the 5-year average, which is 3.14, which makes them relatively cheap when comparing them to the 5-year average inventory level. Natural gas prices whipsawed on Tuesday attempting to move higher but unable to pierce through last weeks highs. While momentum is positive and the MACD histogram continues to have a positive trajectory, the fast stochastic has quickly moved from an oversold condition to an overbought condition. A break of 80 level on the fast stochastic could foreshadow a correction

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