Interesting week of trade while staying with in the recent range. Go into a lot of the analysis in the longer term on the web site so I will minimize here. Prices close higher with gains in volume (positive) but declines in open interest (negative). Prices close the week above the 50 day SMA on the continuous chart (positive), but could not manage closing above the 50 SMA on the spot August chart (negative). Prices close just below the declining trend line from the Feb and Mar highs, but well below the trend line from the Nov ’19 and May ’20 highs. Not sure what to make of it but two weeks ago, prices bounced around in the mid $1.60’s to mid $1.70’s, last week they bounced between the $mid $1.70’s and the mid $1.80’s. This market seems to be garnering support for something- perhaps a break out later this summer or another colossal collapse like the July contract. Maybe you fundamental folks have a clue — I believe I do.
Major Support: $1.484-$1.44, $1.336 Minor Support: $1.527, $1.66, $1.722 Major Resistance: $ $1.864-$1.896 Minor Resistance:
