Brutal Reversal

Daily Continuation

Wanted to provide this chart in the Weekly section as it displays the gap (in the Daily Continuation) from last Monday’s opening and collapse sending prices down $.345 during the week. This ten percent reduction may provide the potential for a lasting influence on prices the remainder of the winter. Last week’s collapse occurred on greater volume and gaining open interest suggesting that there was additional pressure on prices from the speculative community. Looking at the latest CFTC data (for positions on Nov 17th) there was a substantive increase in the Managed Money short positions the week prior and into the last week.

Manged Money Short Positions

Tuesday’s low was 2.649 and producing a low volume reversal with little follow through taking prices to 2.525 on the highest volume of the week (highest daily volume since the August breakout day) and the lowest daily close since the last close under the 200 – day.

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