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Running Out of Steam

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

Even in the midst of the weather forecast (many were announced last week) that the nation is facing, prices look to be loosing some of the enthusiasm that started last Wed. The current weather phase has some of the coldest temps in the last few years but the outlook warms after the 18th of Jan.  What is a trader to do? The cash market should be supported near term but the storage operators are going to use this event to pay for their storage costs (plus). At any rate, the 1st quarter weakness will start to show in the near future as we trade through the upcoming frigid temps. Technical trade is in the middle of the range that has held prices since summer and market internals look to trade flat.  Did I mention storage day is upon us?

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