Mentioned in the last couple of Daily’s about the last 6 month expiration behavior being supportive to prices– Yesterday was a re-enforcement of those concerns as prices rallied slightly after the the storage release only to add to the gains into the close with strong support trade on the close. Are we headed back to the September highs?– probably not with the Oct contract but later in the fall, expect a test of those highs at the least. Perhaps the trend of the last six months of expiration strength will be broken but not going to bet against the trend (especially in a long term bull market trend).
Major Support: $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722, Minor Support: $4.728-$4.70, $4.66 Major Resistance: $5.24, $5.486, $5.65, $5.93
