Major Support: $2.52, $2.41-$2.38, $2.212-$2.207, $2.185,$2.12, $2.029 Minor Support: $2.8-$2.781, $2.72, $2.57, $2.33 Major Resistance: $2.824-$2.908, $2.984
A new mini-range may be developing, though the storage report today may have an impact, between $2.781 and $2.82 that has held declines so far this week. Buying seemed to be limited as prices could not eclipse the previous day’s highs. Perhaps this is a consolidation of the recent gains, but I would expect a further test of support lower. Have little knowledge a fundamental reason for this but techs would suggest a test of strong support before the next leg higher. With the storage release, all cards are in the air, but the inventories will eclipse 3.7 TCF so we have plenty of gas in the ground unless the rest of winter looks like November. The gap remains from Monday in the Daily and Weekly charts so perhaps some incursion into the gap happens— or not.
