Prices Rebound on Friday

Daily Continuation

Price action rebounded off of the lows from the storage report declines, bouncing off of weak support areas and found support as the day went on. This type of bounce is likely related to some changes in the forecasts and if your desire is to trade these chops then feel free. My concept is to show patience — wait for a strong test of support between $3.70 and last week’s low $3.78 to add to positions. Go into the expiration history in the Weekly section and strongly recommend reading it.

Major Support: $3.734, $3.63, $3.584-$3.522 63, $3.584-$3.522
Minor Support: $3.82
Resistance: $4.02, $4.18, $4.32, $4.48, $4.73-$4.775, $4.818-$4.825, $5.045