Of the last thirty years, there has been five other years that March settlement was the highest of the Q1 (historically weak period) months — ’03, ’05, ’07, ’08 and ’13. In that 5 year sample only March ’03, which went off the board at 9.133, was the highest settlement of the year. Multiple monthly settlements exceeded March’s in the other four years, higher Q2 prices were traded in all and all eventually traded to highs higher than that of the previous year’s Q4 high. March settlements were part of an uptrend that had begun during the spring or summer of the previous year and had not yet entered its ending phase. If you recall, I mentioned history last fall about the strength of the Sept contract during August from a historical perspective. Being honest, ’13 was in the group mentioned about the perspective for higher trades in winter and the highs were set in Feb ’14 after that strong Aug showing. The market did set a “high” in Feb this year but with the differed months continuing to show strength– I am not convinced that the rally is over.
Monthly Continuous
Support:$2.764, $2.74, $2.65, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.71, $2.60-$2.554,$2.483, $2.162 Major Resistance: $2.98-$3.05, $3.082, $3.316-$$3.396, $3.486 Minor Resistance:$3.172
