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June Nat Gas/ Still Holding New Support *PIC*

June Nat Gas broke up over the 2.40 price resistance level 6 days ago and for the last 5 full days has managed to hold above this breakout point and use it as support. Price is now trapped between new support at 2.40 and resistance at 2.60. As long as price holds above 2.40 on a closing basis this price action is bullish. Does not mean its a major reversal but is still a bullish event. Price needs to clear 2.60 now to suggest a rally to the downtrendline as well as price resistance at 3.05, which is the Jan & Feb highs. Meanwhile the 20ema is holding as support also and consequently has turned back up again. Just staying above 2.40 will see the 20ema cross above the 50ema for the 1st time in a year. This would be more bullish as well. Also note the RSI 21 has crossed above the 50 line for the 1st time in one year. While this is the June contract the July contract has the highest open interest. But I'm too XXXXXXX lazy to screw around with the July contract right now. The overlaid buy July/Sell Jan/03 Spread trade is working fine still reeling in that contango which is also bullish. Bottom line 2.40 'must' hold as support and price after consolidating 'must' also breakout over 2.60 to expect a run to the downtrendline.

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June Nat Gas/ Still Holding New Support *PIC*
Re: June Nat Gas/ Still Holding New Support/Trades