Pardon my sarcasm but for the last few weeks the Wednesday trade has been weak on low volume to set up for the storage report (which I hear, is going to be bearish — again). The question remains, do folks sell into the report only to run out of sellers? From a technical trade perspective continue to trade the range and sell the rallies (prices in the high $1.80’s and above), OH and buy the dips (low $1.60’s and below). History suggests weakness into, or just after, the holiday while the higher daily volume following the gaining price days.
Major Support: $1.611-$1.59, $1.555-$1.519
Minor Support: $1.649
Major Resistance: $1.82-$1.849, $1.873, $1.90
Minor Resistance: $2.029