Been Here Before

Daily Continuous

We were in a very similar position a couple of weeks ago, if you remember the chart below:

Weekly Continuous with Bollinger Study at 2 &3 Standard Deviations over the 20 Week SMA

When prices extend nearly three standard deviations above the 20 WK SMA– it is over cooked. Last time (last month) prices corrected nearly 20% before finding support. Not calling this the high, as prices can continue well beyond technical points — but trust me — there will be a correction. If you are playing this with length — rock and roll, I have retired from playing this market (even on a daily play) until some of the silliness recedes. BTW — I thought that was a bearish storage report — that is why I don’t trade on fundamental data points.

Major Support:, $7.00-$6.855, $6.411-$6.392, $6.247-$6.278, $5.27-$5.199, $5.001, $4.40-$4.26, $4.187
Minor Support: $6.00, $5.063, $5.04, $4.88, $4.60-$4.557
Major Resistance: