The daily ranges for the four trading days this week are $.675, $.653, $.678 and $.534– one flat, one down and two up. This daily range is not sustainable over extended periods of time. It is that reason for my column yesterday that the Nat Gas market needs to chill. It did not happen (as I suggested yesterday) with a storage release — but the release didn’t effect prices at the time of the release but provided a base for prices to run on. Does it chill today — I will not try to guess, not going to short this rally but will be taking some profits if it gets too silly. Prices remain in the extreme over bought zones on almost all momentum charts.
Major Support:$5.65, $5.17, $4.88, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722, Minor Support: $4.728-$4.70, $4.66 Major Resistance:$5.93, $5.88-$6.493, $6.318
