Daily Continuous
Not stating that the market will not decline back under the $4.00 level, but last week, I mentioned that the break above and the several attempts showing strength at and above that level was a key to the bias of the gas market. I am still not willing to commit that the $2.99 printed was the Q1 low but it looking more and more that the market is not interested in visiting those declines. This week’s gains have been on supported by higher volume (through Tuesday) and gains in open interest that suggests that there is more room to move higher. Today, we get storage and it may give us inclinations of gains continuing or a brief correction lower after three solid days of gains.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $4.00, $3.34, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $4.378-$4.394, $4.461,