Prices continued lower on the EIA report, even thought the injection was bullish compared to expectations. Looking at other commodity charts, I was struck with the recent rally in crude (WTI) and the monotonous decline in natural gas — it took me back to the fall of 2018 when trading houses were buying crude and offsetting that position with selling Natty. One got caught and pummeled into bankruptcy. Not sure if this is happening, but for the third consecutive day, I have heard suggestions in the market. Be aware of the potential– but continue to work the range.
Major Support: $1.611-$1.59, $1.555-$1.519 Minor Support: $1.649 Major Resistance: $1.82-$1.849, $1.873, $1.90 Minor Resistance: $2.029
