June Nat Gas held above its 20ema and broke out above its tight consolidation pattern above its 50ema. 1st time that has happened since July 2011. And see the RSI 21 poke its nose above the 50 line for the 1st time in this 11 month selloff. Also note once again the July/Jan/03 Spread trade that bottomed in mid April is also looking better. It is a good sign to see the nearby months outperform the back months. While this may not lead to a very bullish backwardation it is a sign of strength and can be traded with a long July/short Jan Spread trade. Meanwhile the June contract that has poked its nose above the 2.40 resistance level must hold above here and at least consolidate there and then approach the 2.60 resistance level with the ultimate goal to start chewing away at the 11 month downtrendline much like the Sugar Rat does. Lots of work to do for NG. munch,munch,munch............................