MTECHTIPS;-Natural Gas Price Prediction – Prices Drop Despite Brewing Storms

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MTECHTIPS;-Natural Gas Price Prediction – Prices Drop Despite Brewing Storms

MTECHTIPS-Natural gas prices dropped on Wednesday slicing through trend line support and poised to test lower levels. Hurricane Florence is working its way through the Atlantic and although there is currently no threat to the US, the trajectory of the storm has changed to a west north west slope.  There is a new tropical disturbance in the Atlantic off Africa. This disturbance has a 70% chance of become a storm up from 30% on Tuesday. The weather is expected to be warmer than normal over the next 8-14 days which should increase cooling demand Natural gas moved lower on Wednesday breaking through  trend line support which is now resistance near the 2.82 level. Target support is seen near an upward sloping trend line at 2.76. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the black with a downward sloping trajectory which points to lower prices

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