The declines challenge the lows of last week only to find buyers (as expected) that took prices back up regardless of the fundamentals for natural gas and the weakness in the oil market yesterday. There is definitely support for prices between $4.40-$4.50, which is clearly supportive to prices near term, but my issue is with the potential fall out from a breakdown below $4.36. That could provide enough momentum to take prices well into the $4.20’s. Perhaps it doesn’t happen but with gas you never know.
Major Support:$4.40-$4.26, $4.187, $3.972, $3.734, $3.63, $3.584-$3.522 Minor Support: $4.60-$4.557 Major Resistance: $4.82-$4.88, $5.08
