Short Covering Rally Sends Prices to Where They Began
Daily Continuous
I have been waiting for an indication of the market start to establish a base from which a Q4 rally (annually) could begin– yesterday was not such an event. Instead, it looked like a basic near term short covering rally as prices retreated after a certain high (very near the gap from Nov ’19 that was closed on the first day of Nov prompt), declining during the remainder of the day. Not sure what spooked the bears (I have been told tropical storms destroy demand more than hitting production). Most commodities rocked yesterday — so perhaps that led to some of the strength.
Major Support: $2.373,$2.258-$2.253, $2.219 Minor Support: $2.32 Major Resistance: $2.693-$2.701, $2.723-$2.743, $2.781
