When prices move in a dramatic fashion, as the have since July expiration, traders need and seek confirmation that the trades that have been made are based on credible information. Since the beginning of July the market has been hit with different but substantial fundamental data points, as well as some technical issues discussed here. The trade yesterday, looks like a market seeking justification for the recent run and expecting the storage release to confirm. From the tech standpoint we are still trade in a range and should trade with patience and be resolute in respecting that range.
Major Support: $1.484-$1.44, $1.336 Minor Support: $1.527, $1.66 Major Resistance: $1.722, $1.864-$1.896 Minor Resistance:
