Again, Failure at Resistance

Daily Continuous
Spot December Contract

Similar but not as much, November expired at a $.28 discount to December. Recall the premium Nov had to Oct was twice as much and Nov immediately declined but did not close that gap. I have been mentioning that I was expecting the Dec to decline to the key gap zone ($2.98-$3.047) regardless of whether the Nov contract closed and confirmed that gap. The market has shown no reason to diminish that expectation.

Major Support: $3.19, $3.101-$3.091, $3.047, $2.907, $2.822
Minor Support:$2.98, $2.84
Major Resistance: $3.318, $3.361-$3.370, $3.423, $3.516

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