Major Support: $2.12, $2.089, $2.029 Major Resistance: $2.34, $2.437, $2.48-$2.52, $2.716-$2.755, $2.884-$2.908, $2.984 Minor Resistance: $2.21
It seems I am not the only one looking at the trade from a skeptical perspective. We get a bearish storage report and prices rise — oh ok. Then further strength going into the weekend— ok. If markets don’t go down when they get bearish news — then something is amiss. The market has tried several times to get down to the Aug lows a t $2.029 only to find support. Speculative shorts continue to add to positions (according to the CFTC) but are they running out of trade ammo? I am not convinced that this market is going to break below those August lows until the winter is over. Until then — play the range.
