After consolidating in a daily closing range of about $.20 for five days April violated a slightly rising short term trend line with the highest volume of the week. The low of the week followed but sponsorship at the continuation 50 – days SMA limited further decline. Prompt gas tested, held and recovered from the continuation 50 – day for the third time since 02/18, but the violated trend line limited the recovery and April closed below $4.00 for the first time during March.
For all but an hour or so that the spike to and failure at $4.901 lasted, April has spent its entire tenure as prompt between a high volume low traded on 03/03 ($3.742) and a high volume high traded on 03/04 ($4.551) . The extremes of those two expanded ranges present important support and resistance for the upcoming months) particularly the lower one which now is approximately equal to the 50 – day SMA of soon to expire April gas.
