Two days in a row that a rally off of changing patterns in the forecast have kept prices elevated. Lots of folks (fundamental) are convinced that the winter will not provide enough to offset the dry gas production gains made during the last few months– so I have been told– I have no clue because I choose not to get whip-sawed by following the swings on forecasts. From the technical perspective– the market tested and set a lower low in October then promptly reversed. Late last month (into December) prices again collapsed but could not even test the lower low from October, before finding support. Now we have a market rebounding, seemingly wanting to test the highs from last month between $7.42-$7.60. This will get interesting if the forecasts continue to support the run.
Major Support: $6.39, $5.61-$5.44, $4.716, $4.705-$4.68 Minor Support: $6.18, $5.47, $5.337 Major Resistance$6.687, $7.038 $7.19-$7.221, $7.42, $7.532, $7.60-7.75, 8.021,
