What an interesting day to trade and I got caught off sides at the beginning as prices declined, only to flip and gain through the day. You all know what the next comment is –“if prices don’t decline on bearish news (storage report) then they are headed up”. Somewhere in this process there should be a test of support between $4.60 and $4.80 but no clue as to when or from where. The market is over bought in the extreme zones but that has happened before and the ending (historically) was not pretty. Be very careful to adding significant positions in this environment.
Major Support: $4.61, $4.378, $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511 Minor Support: $4.90, $4.728-$4.70, $4.65 Major Resistance: $5.01, $5.21-$5.39
