No longer in an oversold condition on the , gas has been unable to close above $1.6192, as well as a minor descending .
So far, price action has been able to find support on the 23 percent Fib. from the recent bottom to rally top. If gas cannot exceed and breakout of the descending , I look for gas to retest $1.46 before moving lower to $1.423.
According to EIA data, gasoline inventories are well above the 5-year average and have been since late fall. The next few months typically see less demand for gas due to , and I am uncertain whether or not demand will greatly pick up heading into summer.
In the near-term, I expect prices to remain low. Although, a breakout from resistance could send prices to $1.680.