MTECHTIPS;-Natural Gas Consolidates – Inventories Rise in Line with Expectations

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MTECHTIPS;-Natural Gas Consolidates – Inventories Rise in Line with Expectations

MTECHTIPS-Natural gas prices edged higher on Thursday following an in-line inventory report from the Department of Energy. Hurricane activity in the Atlantic and now the Caribbean, could generate volatility given the infrastructure in the Gulf of Mexico. Inventories showed that the trajectory of the increase will leave stockpiles below the 5-year range in November when the withdrawal season comes. Traders continue to watch the Caribbean to see if Tropical Storm Isaac makes its way into the Gulf of Mexico and creates a scenario where oil rigs evacuate their employees Prices moved higher and increased up to resistance near the 50-day moving average at 2.84. Additional resistance is seen near the 20-day moving average at 2.87. Support is seen near the September lows at 2.75. Momentum is turning positive as the fast stochastic generated a crossover buy signal which reflects accelerating positive momentum. The MACD (moving average convergence divergence) index is printing in the red but the trajectory points to a future crossover buy signal, which also points to accelerating positive momentum

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