Natural gas prices have rallied sharply higher over the past
three weeks after bottoming out at a 1.909 weekly low in late-May.
From the May low, the spot market has gained .571 or 30% up
to the 2.480 overnight high.
It is important to note that roughly .200 of the gains made
over the past three weeks were from the expiration of the June 16 contract
which was trading well below the July 16 contract.
The 2.480 overnight high is technically important at is held
below the current 2016 weekly high of 2.495 set in January.
This area remains a key resistance level with a breakout
above 2.480-2.495 needed to extend the uptrend.
If resistance holds, a summer price high for the natural gas
market could be set.
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