Major Support: $2.52, $2.41-$2.38, $2.212-$2.207, $2.185,$2.12, $2.029 Minor Support: $2.72, $2.633, $2.57, $2.33 Major Resistance: $2.884-$2.908, $2.984
With the open last night (a gap through minor support) expect low prices for Dec gas coming. Don’t follow the forecasts closely but I am to assume that temperatures are not as cold in the weeks out. Is the run over— the short covering run may be coming to a short term close but that does not mean prices can’t stay firm — the question becomes where do they find support. The price gains have been fueled by short covering, as discussed in the last week , so identifying support is highly risky. Patience early this week may be the optimum call from the long side — if short continue to add until support is defined.
