After two days of declines, over $.35 in declines (10%), prices took a day of rest before the storage release. Needless to say, the over bought bias has been mitigated immensely and now it is up to see how the market interprets the first potential withdrawal of the season. Now you know I don’t track this type of information, rather I was told about the potential by a client. If it is a withdrawal — I would think that is a positive for the market — but then again what do I know. From a technical standpoint– the market is at a low risk area to enter length or shorts as the stop outs positions are under dime away – either long or short.
Major Support: $3.047-$2.98, $2.907, $2.882 Minor Support:$2.84 Major Resistance: $3.091, $3.151, $3.24, $3.361-$3.370, $3.423, $3.516
