GAZB - Natural Gas Storage: The Deficit Relative To 5-Year Average Is Not Going Away
Technicals
Technically, the mid-term trading bias is neutral. In the short term, as long as August contract price remains above $2.280 per MMBtu, the trading bias will be slightly bullish. A symmetrical triangle is providing dynamic support and resistance levels. An inverse cup and handle pattern is calling for a re-test of 2.200. An inverse head and shoulders pattern is calling for a re-test of 2.600.
Source: CME Group
Based on historical (seasonally-adjusted) and implied volatility, there is a 68% chance that natural gas will trade in the range between $2.22 and $2.42 per MMBtu