Prices extended the recent declines down to some of the support zones from the previous month. If you believe the range trade environment then this is a low risk buying area with stops just below in the $2.50’s — your risk level. Most folks know that the fundamentals are well defined for the next month and expectations of storage levels are being developed as you read. Not sure it would be wise to short this market as the opportunity for gains is somewhat limited unless you believe major support is the target.
Support: $2.693-$2.65, $2.554, $2.446, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.60, $2.162 Major Resistance:$2.887, $2.94, $2.98-$3.05, $3.082, $3.316-$$3.396, $3.486 Minor Resistance:$2.724, $2.85
