For the first time in a while the differed contracts lost significantly to the prompt and brought some reality to the recent price action. Perhaps this is the first step in the correction bringing prompt closer to the second month, yesterday brought the Nov contract back after trading to an $.85 premium. Unfortunately, if you look at the Dec / Nov spread– it too is at an extreme wide margin. Mentioned yesterday, the prompt Oct contract is a “no touch” depending on your risk profile— perhaps the Nov contract brings opportunity (short term) from the bear side.
Major Support: $1.864-$1.852, $1.768-$1.70
Minor Support:
Major Resistance: $ 2.162-$2.18, $2.275
Minor Resistance:$1.964-$2.008