Ahead of tomorrow’s Inventory Report, Natural Gas has pivoted to the upside after retracing right to a test of the upside breakout level (3.15/3.20) of its 2-year resistance line.
This is very constructive price behavior within a larger-developing bull phase, and argues for a positive reaction to the Inventory Report. The reaction could perpetuate continued price strength for a revisit of the December high, en route to 4.00-4.10, thereafter.
