Prices extended the weak close last week, taking prices down to the support trend line from the March and April lows in the Continuous chart. Each of the remaining summer months brook below there previous contract lows. That said, the winter months did not extend to a lower low for those contracts. The spreads between the prompt and the remaining summer months expanded on the declines. The market seems to be setting up for another month of premium to the the next prompt expanding to the existing prompt into expiration, only to allow the premium to be hammered after the new prompt takes over.
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
