Discussed yesterday about the potential for consolidation and we got a taste of it when the storage report came out and prices fell to just above $6.70 only to spend the remainder of the day working back higher. We are reaching the May expiration and while last month showed significant gains from the 24th until the 28th (falling at the end), the trend continues to show well-bid expiration’s. Would expect that trend to continue until it doesn’t. The action from yesterday confirms my belief that the market is still well supported even with the $1.00+ decline from earlier highs.
Major Support:$6.538, $6.247-$6.278, $5.27-$5.199, $5.001, $4.40-$4.26, $4.187, $3.972, $3.734, $3.63 Minor Support: $6.757, $6.00, $5.063, $5.04, $4.88, $4.60-$4.557 Major Resistance: $7.346 , $7.427, $7.536
