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Behavior as Expected

Daily Continuous

Daily Continuous

Major Support: $2.711, $2.708, $2.654, $2.58, $2.568-$2.522, $2.495

Minor Support: $2.793, $2.78, $2.682, $2.61

Major Resistance: $2.834-$2.849, $2.875-$2.891, $3.005-$3.039, $3.081, $3.131, $3.183

Mentioned yesterday that weakness early this week was to be expected and that is what occurred yesterday. Today may find an additional probe lower and last week’s low at $2.78 may com into play. While trade continues to rotate out of the June contract it is important to watch the spread to July. Recent declines have had June falling further than July constant with a roll.  Generally, I keep the same concept as mentioned yesterday …. the process only to expire on strength as the expiration occurs (17 of the 18 months).  When events happen consistently over time, expect similar results until the trend changes. 

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