Yes, I realize it is May but wanted to show the choices that the market has for near term direction. When the April contract took over in March as prompt there was some early softness into a brief rally only to have prices correct back and in the middle of the month retest and consolidate as the low end of the range (short term). Calendar April (with May as prompt) had no such silliness and just took off to higher ground setting a series of higher weekly highs until prices got so over bought, that the $1.40 correction was imminent. What does June do– if it replays last month’s action — rest assure that the $8.00 area is in focus. Should the trade copy March — a retest of the mid-$6.50 area may be coming.
Major Support:, $6.411-$6.392, $6.247-$6.278, $5.27-$5.199, $5.001, $4.40-$4.26, $4.187, $3.972, $3.734 Minor Support: $6.00, $5.063, $5.04, $4.88, $4.60-$4.557 Major Resistance: $7.346 , $7.427, $7.536
