Though nothing was defined as changing the lower low on continuous prices and lower RSI (momentum indicator) confirmed that the bias is still bearish. In the Daily Continuous with RSI you will notice a lower low in price but not confirmed in the RSI- the first steps in creating a potential bottom. Lets review the last week:
After the long weekend March gas gapped lower -down into the support zone between $1.500 and $1.600, and to $1.522. From there prices reversed higher to record the largest one day gain of its tenure as prompt. A round of pre expiration short covering propelled extremely oversold March (mentioned previously) to back to back daily gains. From there the short lived rally predictably failed just above the a continuation trend line declining from the January highs. The now soon to expire prompt gave up all of the modest gain to end the week $.006 lower. March’s sixth straight weekly decline left prompt gas still within the zone of support that limited declines in ’96, ‘97, ’98, ‘ 99, ’01, ’15, ’16 and ’20.
