Natural Gas Testing $2.80

May 22, 2012 11:11 AM EDT
After taking the day off on Monday, natural gas bulls are back out in force today. The price of the commodity has been trending higher all month, squeezing shorts and reversing losses that sent the price to ten years lows earlier in the year.

With production and storage still very high, not all the analysts agree that the comeback is real. Resistance is coming in at just under $2.8 and there seems to be a lot action in this area. Traders will be focused on any breakouts near this level, but if the rally fails here another round of consolidation is likely.

Natural Gas is often traded using the ETF United States Natural Gas (UNG), which is up 3.3 percent today.

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