Finally got the declines but they came no where near the levels to define the market mid term, rather just re-affirmed the recent trade range. Have sent out a note to the long range clients to watch this market as it hasn’t gone down when demand forecasts looked weak (last two weeks) and prices have remained firm. It also bothers me that the next 6 months trade in a $.15 window. To my memory (declining as it is) I can’t remember this type of differed set up to the prompt Feb contract.
Support: $2.566, $2.373, $2.255-$2.176 Minor Support:$2.547, $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance: $2.806
