Nothing in the analysis has changed except for the fact that natural gas has surged above key near-term resistance at 2.85 - 2.87, which if sustained, should trigger upside continuation that tests more important resistance at 3.00/05 next.
At this juncture, only a downside reversal and decline that breaks below 2.77 will invalidate Wednesday's upside breakout.
Natural gas once again is pushing up to challenge key near-term resistance at 2.85-2.87 (in green type below), which, if hurdled and sustained, should trigger upside continuation towards a more critical test of resistance at 3.00-3.04.
The price action today looks like it has the potential to blast above 2.85-2.87 -- perhaps leading to an interesting and potentially very bullish reaction to Thursday’s Weekly Inventory Report?
But let's not get ahead of ourselves. For the time being, the bulls appear to be poised to run some stops above 2.85-2.87. (MJP 3/17/15)
