Was expecting more volatility (perhaps light short covering) on a break above $2.72– little occurred. The total volume was slightly less than last Friday — indicating continued complacency in the nat gas world. Keep in mind that according to the CFTC data the large chunk of short positions occurred as prices declined off of the $3.00 area in Feb, so perhaps the folks aren’t squirming yet. Would look to play this little rally for a day or two more, but expect the market to correct a little as it has a series of higher daily closes.
Support: $2.52, $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.694, $2.483, $2.162 Major Resistance: $2.713-$2.72, $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance:$2.806
