Major Support: $2.52, $2.41-$2.38, $2.212-$2.207, $2.185,$2.12, $2.029 Minor Support: $2.33 Major Resistance: $2.643-$2.648, $2.72, $2.751
Storage report came in close to expectations and it wasn’t until large blocks came in that prices started to fall. Have no idea what that means except that some folks may have wanted to cover profits with the failure of breaking through what has become serious resistance between $2.70-$2.72 The recent gains have likely been linked to weather forecasts and I won’t go into to those, except that the probabilities of those to change are extremely likely. Resistance has now been well defined and will need some sort of “issue” to break through that well defined area. A break above $2.72 will force some additional short covering which could take prices significantly higher. Until, the new range is $2.52 and $2.72 so trade accordingly.
