The bearish triangle pattern in the summer 15 (June 15-October 15) strip was negated last week with the rally up to a 2.948 weekly high.
This pattern was triggered in March with a downside breakout under lower trend line support then at the 2.850 level. Last week's rally lifted the strip above the lower trend line resistance at 2.900 which negated the pattern.
The downside measuring objective for the triangle pattern for trade down to the 2.400 level was not reached.
When technical patterns fail, there is typically a volatile market reversal in the other direction. Recent strength in the market may not be over.
With the natural gas market up the past two weeks, a post-winter seasonal low has likely been set.
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