Melts Up to the Highs

Daily Continuous

Didn’t surprise me that the contract expired near the highs yesterday (which turned out to be the third highest daily close for the May contract in over a year) as this market is continue to show strong bias. Been hearing little from my fundamental trading folks, indicating that they too are befuddled by the action. Now is the key time for the June contract — would prefer a brief pull back and re-define the support areas before accosting the $3.00 zone — but my preferences are truly irrelevant. From a technical perspective — a brief period of consolidation is warranted.

Support: $2.89, $2.71-$2.70, $2.658, $2.52, $2.422-$2.414
Minor Support: $2.897, $2.694, $2.483, $2.162
Major Resistance: $2.98-$3.05, $3.12
Minor Resistance: