Natural gas price jumps 10% on Monday’s gap-higher opening

The natural gas price rose further, opening with 10% gap-higher on Monday that generated strong bullish signal.
The price was up nearly 22% from last Friday’s low, with total advance of 31% in past four days.
Much colder than expected weather in the US triggered stronger demand for gas that further boosted bullish sentiment and accelerated already rising price, in addition to concerns about further delay in restarting the Freeport LNG plant in Texas, as well as gas stockpiles being below the five-year average for this time of year.
Daily studies improved following last week’s rally and today’s fresh jump, although 14-d momentum indicator is still in the negative territory.
Bulls pressure key Fibo barriers at 7.084 (Fibo 61.8% of 8.166/5.333) and 7.116 (200DMA), break of which would reinforce positive structure and open way for acceleration towards next important level at 7.271 (top of thick daily cloud).
Firm bullish bias is expected to remain intact as long as today’s gap is unfilled, with 20DMA (6.633) to ideally contain dips and keep the downside protected.                                                                          

Res: 7.040; 7.084; 7.116; 7.322
Sup: 6.750; 6.633; 6.415; 6.304