That title is some “tongue in cheek” but not totally inaccurate. The last two weeks of March trade (April contract) was with in a tight range that could be considered a consolidation pattern. Perhaps the trade in April with May will remain between $2.58 and $2.70 signalling a consolidation pattern. Other options is for the May contract to melt down into the low $2.50’s returning the market to last month’s range, or to rally above the $2.70 area and potentially strong short covering rally. Stay disciplined here and play the ranges.
Support: $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance:$2.806
