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Storage Release May Bring Declines

Daily Continuous

Daily Continuous

Major Support: $2.903-$2.891, $2.876-$2.813, $2.797, $2.773

Minor Support: $3.016

Major Resistance: $2.998, $3.112-$3.127, $3.198, $3.213-$3.218

Minor Resistance: $2.971, $3.074, $3.153

Yesterday’s action brought consolidation of the previous declines, perhaps a bearish storage injection will bring additional declines to test the area discussed yesterday in the Daily ($2.876-$2.813).  Prices should have already priced in a slight injection or slight withdrawal.  More interested to see if the shorts are willing to press the issue knowing that the year end (bonuses) is coming in three weeks as the majority of the selling in the last few weeks have been derived from the speculative short crowd. Would still be  buyer of declines with stops at the Nov expiration lows or if that risk is too high, then the Thanksgiving lows. 

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