Go into the trends of late regarding the market’s frequent selling on Friday’s in the Web so I will not dive into it here. Instead, the markets ability to range trade with no breakout or breakdown for an extended period of time. Some would call this complacency which scares this trader. The price action has given no clue to the upcoming directional bias when prices break the complacency — but up or down the rewards could be great. Break downs and the selling would take the winter down significantly from its lofty premium to the prompt prices. Break outs above will find prolific short covering and take prices in the summer/fall prompt to chase the prolific premiums in the winter. Either way — hello volatility.
Major Support: $1.611-$1.59, $1.555-$1.519 Minor Support: $1.705-$1.649 Major Resistance: $1.90, $1.974, $2.019- $2.029 Minor Resistance: $1.864-$1.896
