Last week provided a brief break above the key $3.00 resistance area, only to find the sellers that have appeared on previous tests, which sent prices back to the middle of the previous range the Jun contract has provided us. The run did send prices to the highest price for a prompt contract since February 22nd. The close last week did not provide a closing break above the declining trend line from the Feb highs, but early trade on Sunday night has broken the aforementioned trend line.
Last I mentioned the upside momentum that June built coming off the April low(gains of .149, .064 and .113 in three of the weeks). Last week, momentum seemed to be exhausted with a fourth straight gain of only .027 and those gains were associated with slightly lower volume (week over week). Consolidation (.$30 gain) may be occurring in the June contract but I would of expected significantly lower volumes under that scenario.