Prices close higher (further analysis of week’s move in the Weekly section) for another week but are showing divergent signs. The most important to this analyst is the lack of volume increase over the last two weeks as prices have risen. Volume during July as prompt gas rallied to close at 3.914 was significantly lower than during calendar June, which closed at 3.650, this week’s higher high was not confirmed by a higher daily or weekly RSI reading. Watch this week’s gains as prices opened strong on Sunday night, consistent with the last couple of week’s Sunday action, if you want take a more bearish position your may want to take some positions.
Major Support: $3.87, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, $3.198, Minor Support: $3.821, $3.508-$3.485 Major Resistance:$4.187, $4.238
