In a matter of four days, natural gas prices tested the 200 day SMA for both the continuous and spot June only to succumb to selling pressure taking prices down to trend line support of the lows in the prompt contract. From a trading perspective (understanding that the market is still in a range trade environment) you don’t get these opportunities very often. With close on the lows Friday, one would expect additional declines to the previous range game between $1.59 and $2.00. It is unfortunate that price could not garner enough support between $1.91 and $2.02 to effectively flip the bias. All I can say is patience.
Major Support: $1.82, $1.611, $1.555-$1.519 Minor Support: $1.794, $1.78-$1.765 Major Resistance: $2.062,$2.08-$2.102–$2.108,$2.139-$2.16, $2.255 Minor Resistance: $2.029
