Whoa – Where That Come From

Daily Continuous

Did not expect that reaction to the close last week. Was thinking more of a retest of the premium afforded the August contract, but clearly the market thought other wise. Now we sit in the middle of the range that has held prices for an extended period of time. Technical indications of an over-sold market have relaxed on the run. Continue to expect short term rallies as the Managed Money long positions increased last week through June 23rd while there was a reduction in short positions.

Major Support: $1.484-$1.44, $1.336
Minor Support: $1.527
Major Resistance: $1.595, $1.611-1.642
Minor Resistance: $1.722, $1.864-$1.896