Just a reminder — this will be the last week that the Daily will arrive in your email unless you subscribe to the website. Effective May 1, you will have to subscribe to the website to receive the Daily. This market seems to be forming a bias change and ecomenergy will be leading the analysis during the transition.
Prices closed the week just about where they started ($1.746 vs $1.753) the week after providing a solid rally to test resistance from the Feb and March highs ($2.025-$1.998) only to fail once again as discussed in the Daily last week. Only a couple of trading days remain in the May contract, and I would bet on a settlement between $1.61-$1.833.
Major Support: $1.611, $1.555-$1.519
Minor Support: $1.78-$1.765
Major Resistance: $1.993-$2.025, $2.062,$2.08-$2.102
Minor Resistance: $1.968