The run identified and discussed (on this website) continued early last week and continued the trend of setting a high, for the March contract, early in it’s prompt tenure. Taking prices up over $5.57, the market ran out of short covering and remaining winter bullishness to melt down a $1.00 in two days. I wrote in the daily last week that this year’s pattern was strikingly similar to 2014 and warned any bulls to tread softly. Now I will mention to the bears that this is unlikely a direct collapse to $4.00 as there are several areas of support between last week’s close and $4.00.
