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Guess the Forecasts Changed

Daily Continuous Chart

Daily Continuous Chart

Spot January

Spot January

Daily Continuous

Daily Continuous

Major Support: $3.108, $3.045, $2.956, $2.874, $2.836, $2.762, $2.711, $2.704

Minor Support: $3.152, $3.13, $2.938, $2.783, $2.704, $2.695, $2.61

Major Resistance: $3.297,$3.341, $3.431, $3.661

Minor Resistance: $3.368

The forecasts change and the market blew the roof off.  There not alot of zones of resistance above $3.43 until the Jan high so pick you poison.  Obviously, prices are over extended but not sure all the short covering is over with. May want to trade this rally briefly but don’t leave additions out there too long.

Guess the Forecasts Changed

Daily Continuous Chart

Daily Continuous Chart

Spot January

Spot January

Daily Continuous

Daily Continuous

Major Support: $3.638, $3.558, $3.547-$3.541, $3.531, $3.37

Minor Support: $3.65, $3.558

Major Resistance: $3.824-$3.826, $3.866, $3.927-$3.949, $4.006, $4.041- $4.079, $4.141,

Minor Resistance: $3.836

Writing the Daily tonight after the open, I am not shocked to see a gap in prices (seems to be a norm of late)— Guess the forecasts have changed from last Friday — Shocking.  Now those who did not believe winter would come back have to cover positions.  As you know, I have been expecting the Christmas seasonal rally for the last week and perhaps this is an indication of the rally.  Bulls will want to play this to the gap from a couple of weeks ago at $4.041.  How far it can go from there will be a question more about short covering than folks establishing positions.  Price action will really tell us how much the winter bothers traders, as we all know that this week’s storage number will be VERY BEARISH compared to YOY but the forecasts are changing to more winter like.  From the fundamental perspective it may be a wash— from the technical perspective the historical seasonal perspective reigns.  

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