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Jan Contract Finally Finds a Bid and Holds

Daily Continuous

Daily Continuous

Major Support: $2.658-$2.63, $2.587-$2.522, $2.495

Minor Support: $2.596

Major Resistance: $2.765, $2.813, $2.892-$2.903, $2.94-$2.945, $2.998,

Minor Resistance: $3.074, $3.153

Guess the weather forecasts caught some folks attention.  Still in a consolidation range of late since the break down a couple of weeks ago.  $2.75-$2.77 (old support) is the high end and $2.56(down to the Feb low at $2.522) is the low end.  The forecasts are still calling for below normal in three weeks so expect the range to remain (give or take a few pennies) as the further forecasts have a warmup coming later in the month of Jan.  As I mentioned yesterday…  I have no doubts that the trade is looking further out the demand curve as temperatures warm after next week and matching that information with the production growth that has occurred during Dec (nearing 77 Bcf/d on a consistent basis) to maintain the bearish bias. Tech’s do not contradict the range and with the lighter trade this week would expect more of it. It has caught my attention that prices seem to be stronger during the cash move and yesterday they held those gains through the end.  That is a little different than last week.  Check your email for the latest forecast and trade in tandem. Due to some traveling the next Daily will be published on Jan 3rd  —- Have a great New Years.

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