A Breakout For the Bulls

Weekly Continuation

Fourteen of the last sixteen years prompt gas has traded through the calendar April high ($2.529 this year) during May. The remaining two Aprils (’14 and ’19) were “inside” months. Since the prompt trade remained “inside” calendar March’s extremes during April, the April low hasn’t been violated during May since ’06. With technical indicators steadily improving, a reasonable expectation was that June would trade through $2.529, and it did. On Thursday June overcame the declining moving average and conventional resistance to trade through the April high for the fifteenth time in seventeen years doing so with some pretty serious volume.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.50, $2.36
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

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