I had written to expect support for prices during expiration, but in no way did I foresee that parabolic explosion that sent prices back up to the September highs (over $5.65). One would have to believe that any short covering happened yesterday (CME hasn’t updated open interest from yesterday) but there may have been some additional shorts bailing on positions. My thoughts were– strength into expiration– then some retracement as Nov takes over as prompt. Now my thoughts are how far up the pole can prices continue to run before the inevitable correction occurs (aka prices shedding nearly $1 last month after posting $5.65).
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:$5.65, $5.93, $5.88-$6.493
