Market had a nice reversal last week off of the lows discussed on Friday. It closed the week higher for the second consecutive week which are all slightly bullish bias points. What bothers me a little, is the large spread between WTI on expiration and the ensuing June contract. These types of events sometimes represent an imbalance in buyers and sellers and more importantly, those folks who spread positions off of different commodities. Not suggesting that it exists in natural gas– rather it is a concern.
Went into detail on the long term portion of the website bout comparing current prices and behavior to 2016 and would highly recommend a quick read. We are still in a range environment play accordingly.
Major Support: $1.611, $1.555–$1.519, $1.481
Major Resistance:$1.883, $1.993, $2.029, $2.08-$2.10, $2.34, $2.437,
Minor Resistance: $1.767-$1.78, $1.833