Natural Gas (June)
Yesterday’s close: Settled at 2.81, down 0.037
Fundamentals: Weather from the Midwest to the East Coast is expected to become seasonably warm over the next week and expected demand is to remain stable. In turn, this should keep price action stable into midweek and as storage again comes into the picture. We continue to believe the intermediate to long-term risk is to the upside.
Technicals: Price action is clinging to the pivot level and this is an important area to hold in order to remain intermediate term constructive. First key support comes in at 2.749-2.751, this should present a buy opportunity upon the first test.
Bias: Neutral/Bullish
Resistance: 2.873**, 2.925-2.93**, 3.00***
Pivot: 2.817-2.837
Support: 2.749-2.751**, 2.66-2.69**, 2.486-2.532****
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