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Daily Continuous

Daily Continuous

Major Support: $3.059, $3.011,$2.852-$2.847, $2.797, $2.773, $2.723

Minor Support: $3.102-$3.074

Major Resistance: $3.153-$3.166,$3.224-$3.231,$3.263

As it turns out, there is a reason my wife rarely listens to me and yesterday is a good example.  Really,  after prices closed above the Friday high, my assumption was— that there was not that many folks left short to cover.  Not the situation— granted the forecasts continue cold long term but they had not changed from Monday so the dye had already been cast on the shorts (in my opinion).  I felt that the expiration would be in a narrow range and January would absorb the weather forecasts.  MY BAD.  Guess some folk need to be hit with a 2X4 to catch their attention. Now prices have about a $.04 gap premium from the high of expiration and Jan contract which may get filled but with the forecasts the way they are — not a sure bet. Would continue to see gains today though this market may want to digest and set up for the storage release which should be a withdrawal below last year and the 5 year average. A warning though— this rally has not taken out the majority of shorts from last week’s decline — but I am sure they are uncomfortable right now— so there may continue to be upward volatility.

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