Major Support: $2.52, $2.41-$2.38, $2.212-$2.207, $2.185,$2.12, $2.029 Minor Support: $2.824-$2.908 Major Resistance: $2.72, $2.57, $2.33
Prices gapped above the resistance around $2.72 on the open Sunday night and never even tried to close the gap— guess we have run out of natural gas. What was interesting in the trade yesterday was prices immediately raced to the highs of the general session only to wander about. That is not the price action of additional short covering above resistance at $2.72, I would of expected prices to rally up to the $2.90 zone quickly and perhaps they will. From a tech perspective the market is over bought and should need to digest the gains for a longer term rally into the Q4 (but you never know about a short covering rally). This run is all short covering based upon near term weather forecasts is what I hear. Have no ability to judge the accuracy of statements.
