Hope all had a great celebration entering the new year and a wish for success in the coming year. Price retraced back to support as the Feb contract took over as prompt. Before that, the expiration process continued the last ten months trend of strength. Go into some of the history of price behavior around the first of January in the Weekly section so please take a moment to review. This week and this month has a strong impact on upcoming year (Weekly). Techs have not changed — range trade and after setting a lower low last week, prices rebounded off the extension. Perhaps this behavior will continue until traders get a better indication of how the winter will leave inventories.
MajorSupport: $3.734, $3.63, $3.584-$3.522 Minor Support: Major Resistance:$3.827, $4.02, $4.127, $4.20, $4.278
