Author: Willis Bennett
Boring
Headed North
Range / Consolidation Continues
Prices Down to April Support
Important Period for Near Term Prices

Good to see the declines continue to test last month’s lows and now the question remains what about $2.00. Been here twice before and further declines will be interesting to watch. Folks in the press attribute the declines to production and recession fears. Not sure about the latter but according to the EIA report yesterday — Dry gas production continues to be strong. Recession issues will be offset by the power demand that was sighted in the Weekly Summary of the Storage report yesterday. We are at the low end of the range– trade accordingly.
Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595
Test Continues — Small Bounce Off of Lows
Decline Continued
Further Declines Signal Additional Consolidation

Prices declined yesterday but did not break below the lows from the June lows at May expiration. Expect further tests of support, declining into the lows of June during April. From there we will get a better sense of what is coming.
Major Support:$2.134-$2.14, $2.12, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595