Interesting that the volume rose a little yesterday as the prices held firm on the storage release that was well within expectations. This market has been consolidating for nearly two months (though within different ranges) with open interest very close (within 4,000 contracts) to where it was on March 8th. Volume has had some good days and some terrible days and yesterday’s volume was the third largest since March 8th. What to do — patience and buy the dips with tight stops as I mentioned earlier in the week. It is not conclusive that this market has the commitment to do diddly.
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
