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Prices Retreat Only to Find Buyers

Daily Continuous

Daily Continuous

Major Support: $3.114, $3.045, $2.956, $2.874, $2.836, $2.762, $2.711, $2.704

Minor Support: $3.13, $3.16, $2.938, $2.783, $2.704, $2.695, $2.61

Major Resistance: $3.257-$3.297,$3.341, $3.431

Minor Resistance: $3.368

Mentioned yesterday that it will be interesting to see how prices responded to a test of support.  The test never got to the key area and found buyers when it traded under $3.16. Folks are concerned about the storage inventories at the end of Oct or early Nov and the upward pressure that may occur.  Some of the weather models have above average temps coming back in late Nov which, if confirmed later in the month, may bring about a struggle for further advances.  The volume this week is on a record pace during this run and should be respected.  Still staying that the prices are just a little over extended on the Bollinger study, but this type of range trade is good for alleviating some of the impact on the next week’s Bollinger study. I will be traveling on the weekend and unable to provide a Daily.

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