Have discussed here for the last week about testing and breaking above $3.00. Last week, prices had a wonderful opportunity but failed, retracing back into the range. Then on a Sunday night prices open above the key resistance area and stay above throughout the day. As mentioned a couple of weeks ago, Natural Gas had not shown the strength of the other commodities in price action this spring, perhaps it is catching up. If so– this run will likely last into the July trade and perhaps longer– the key is this week setting up expiration. Clearly, the longer term analysis brought forth in the fall regarding the higher highs and higher lows remains in place.
Major Support: $3.001, $2.883, $2.78, $2.71-$2.70, $2.658, $2.52, $2.422-$2.414 Minor Support:$2.876, $2.694, $2.483, $2.162 Major Resistance: $3.12, $3.251, $3.31, $3.396
