The extension breaking below the support levels that had held the market during the fall ($4.70) broke down yesterday and as expected, the extension has modified the bias to neutral from the previous bullish standing. The long term bullish trend remains but the current trade should be considered neutral to slightly bearish bias currently. Fundamental traders have to be scratching their heads as all during the run in the fall the trade constantly utilized the bullish Dutch and Britain gas contracts as support for the run in Nymex. Small problem with that logic as both those contracts have remained firm while the Nymex has dropped nearly a dollar. Guess this is another reason why I rely on technical data points and not the games (or narratives) that press and pundits play. Take a breather and let the market settle for a day or two.
Major Support: $4.67, $4.61, $4.561, $4.537,$4.458,$4.375, $3.944 Minor Support: Major Resistance: $4.735, $4.825, $5.109-$5.175, $5.339-$5.40, $5.64, $5.964, $5.996,$6.177, $6.24
