The consolidation pattern continued yesterday to a point of support, though not quite hitting it then rebounding back up to a higher daily close. The rebound put prices back in the extreme momentum levels on the Weekly charts, but the week is not over– so trade with caution. This looks to be a potential struggle as the market was running on expectations (Europe, Great Briton and the US) of limited supplies to replenish storage by the end of the month and going into winter short. Nothing on that side of the ledger has changed to my knowledge (fundamental information limited at best) so I am going to guess that volatility will be gaining and the market will be a series of gains and losses until some additional fundamental data comes to fruition. From the technical standpoint this is set up as a range trade between $5.63 and $5.15.
