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Cyclone Crumbles

Daily Continuous

Daily Continuous

Major Support: $2.882, $2.852, $2.78, $2.682

Minor Support: $2.778, $2.63

Major Resistance: $3.048, $3.102-$3.127, $3.168

Minor Resistance: $3.074, $3.153

It was interesting to see that the old axiom of “buy the rumor sell the fact” hit the natural gas market yesterday as the market showed minor early strength and  when the storage number was released prices declined for a while and then just gave the game up. While trading in the middle of the “cyclone bomb” that has affected demand in a large way, prices melted down.  Would expect price action to retrace back to the lows before and around Christmas and then evaluate the positions possibly extending the low end of the range.

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