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Prices Run to Last Week's High

Daily Continuous

Daily Continuous

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

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

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

Well the gap up to $3.297 was not filled the rally yesterday was strong and almost filled the gap.  Once again resistance was found but not sure it will hold on the next challenge.  Not sure of what drove the impressive gains yesterday as I don’t follow the fundamental data that closely but what I did see was production increasing over the weekend and a demand destroying storm headed to the gulf.  Perhaps the trade is more concerned with the supply loss from the gulf which indicates how tight the supply/demand balance is with the traders. Regardless, the market is again testing 3 deviations over the 20 week SMA which has proven problematic to big extensions continuing.  Be cautious on the trade to the upside.  Not saying it won’t go higher later in the future as the trend is clearly with the bulls but I am not convinced these gains will continue in the immediate future. 

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