July NG tarding near $2.92.... Middle of Feb, July was as high as $3.13 with a close of $3.01.....then in March we saw a lower high of $3.03 with a close of $3.02....Both scenarios produced support at $2.80.....
Fast forward to April we se NG(july) break the lower channel and find support at $2.60 with a bullish candle to $2.80 which was ultimately the March support.....but ultimately NG would breakdown again to another lower low of $2.55.....Since this lower low we now see the July contract trading back up to as high as $2.97....
Ultimately in order for NG July contract to move much higher NG will have to break the upper channel resistance of $2.97-$3.03 before we can consider any major direction....
Recent move has been bullish 20% move higher and I don't foresee another larger move higher without revisiting the $2.80 level on July contract...
HNU tracking July 75% and June 25%....so watch for a small NG correction this week ahead of thursday report.....should see HND move back to the $10.50 level IMHO