June Contract Breaks Through $8 with Explosive Vigor

The June contract rose by 61 cents to rise to a high of $8.16/MMbtu, where it is currently testing prior resistance levels established in early April.

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The continuous prompt month chart (not displayed) would imply that current prices are well beyond their April predecessors and fail to explain why price is struggling to surge beyond $8.16/MMbtu; continuous charts obfuscate hidden resistance levels that are quite clear to see in an individual view of the June contract (shown below).

In April, the June contract failed to surpass $8.17/MMBtu; this morning, the first test of this critical resistance level also failed.

Throughout the remainder of the day, we will likely retest the $8.16/MMbtu resistance level once again. Further upside risk exists in the market should we surpass this technical barrier.

source: Gelber and Associates