When the market opened on Sunday night there was a “mild” correction downward — but when the market opened in the morning, prices just collapsed and went below the previous low from late September. From there, prices rebounded and closed the day back within the recent range. The bias that I have been commenting on since fall ’20 does not die with a break below the $4.70 area but the trend may get adjusted with a daily close below that area. The current trade has a slight positive bias, but since the break below $5.20 the trade is neutral until further definition. This week remains with potential volatility significant– there are two counter forces –weather forecasts vs trends of the last eight months showing strength on expiration.
Major Support: $4.825, $4.728-$4.70, $4.61, $4.537,$4.375, Minor Support: $4.66 Major Resistance: $5.148-$5.175, $5.339-$5.40, $5.64, $5.964, $5.996,$6.177, $6.24-$6.493
