As discussed yesterday, prices spent some yesterday consolidating the gains from recent trade. Longer term technical indicators are not over bought and would still support a test of high end of the range discussed in the Weekly section yesterday. As discussed in the Weekly section, there is likely a brief correction but would not initially expect the retracement to carry far (perhaps $5.25-$5.30). Total volume yesterday was close to the highs from last storage report but lower than last Friday– still support higher prices and continued gains.
Major Support:$5.27-$5.199, $5.001, $4.40-$4.26, $4.187, $3.972, $3.734, $3.63, $3.584-$3.522 Minor Support: $5.063, $5.04, $4.88, $4.60-$4.557 Major Resistance: $5.83, $5.97, $6.24
