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Prices Rally Only to Find Sellers

Daily Continuous

Daily Continuous

Major Support: $2.922-$2.882, $2.852, $2.78, $2.682

Minor Support: $2.778, $2.63

Major Resistance: $3.048, $3.102-$3.127, $3.168

Minor Resistance: $3.074, $3.153

The run last week was primarily based on short covering (reduction of 32,000 contracts in open interest on Thursday and another 11,000 on Friday) from the extended short position of the speculative sector. Momentum indicators are showing plenty of room to upside for further gains. The interesting aspect of Jan trade is that it sets the high or low for the year in early trade during the month in 46.2% of the years that natural has traded. This is the highest percentage versus other months by far. The other years, the Jan trade has been support or resistance for trade during the year a disproportional amount of the time. 

Past Daily Calls