The late day rally yesterday was confirmed as prices remained strong throughout the day. The rally was based upon news that some operators were lowering production volumes and limited new projects. Not exactly sure what the sellers (hedge funds) were thinking with production being strong while prices were at $1.50 or below at the well head. The only tool the operators have is the amount they produce and drill for. The first salvo has now been fired — and today (storage report) will provide further insight as to bias near term.
Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312 Minor Support : Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,
