Declining below minor support, the declines fell short of first initial major support at $2.055 (50% retracement of last week’ gains) and found buyers at $2.085. That is a good start, not convinced that the declines will stop there forming the lower end of the new range. The only reason for suggesting that potential is the seasonal weakness normally associated with the upcoming Labor Day holiday. This period, historically, is one of the weakest periods of the year for natural gas. This trade year though has not followed historical norms with the q2 high in early May and the Q3 low in late June (not even in the q3) so I may have to discount the impact of the seasons. Storage report today which should give us further indications of bias for the week.
Major Support: $2.055, $2.029-$1.937, $1.86, $1.527, $1.484-$1.44, $1.336 Minor Support: $2.102, $1.975, $1.719 Major Resistance:$2.255-$2.284, $2.377-$2.397,$2.43 Minor Resistance:
