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Declines Commence to Test Support
Daily Continuous
Major Support: $2.903-$2.891, $2.876-$2.813, $2.797, $2.773
Minor Support: $3.016
Major Resistance: $2.998, $3.112-$3.127, $3.198, $3.213-$3.218
Minor Resistance: $2.971, $3.074, $3.153
Prices continued the probe to test the near term support and now they are faced with the area that prices jumped up and through after the Holiday. It wasn’t a gap but the meltdown over Thanksgiving and then the rebound on the Sunday night after, is an area that will find some buyers. A break below that area ($2.876-$2.813) will clearly set up a the expiration lows from the Nov expiration. Once again prices are at the abyss, similar to the Holiday experience. If they find a bid then we will likely return to the middle of the 5 month range, waiting for the next catalyst.
Past Daily Calls
- May 25, 2018 — Storage Near Expectations -- Prices Consolidate
- May 24, 2018 — Support Never Tested
- May 23, 2018 — Breakout Needs Confirmation
- May 22, 2018 — Behavior as Expected
- May 21, 2018 — Prices Test Resistance on Light Volume Again
- May 17, 2018 — Consolidation of Recent Gains Continues
- May 16, 2018 — First Test of Mojor Resistance Holds
- May 15, 2018 — Range Finally Expands
- May 14, 2018 — Boring Range and Consolidation Continues
- May 9, 2018 — Boring Range and Consolidation Continues