Reversal in Prices — Provides Little Medium Term Impact
Daily Continuous
Went into the near term trends associated with last week’s reversal in the Weekly section for your review. Even with the $1.00 decline off of the highs on Friday — the marker remains with a bullish bias (last week closed significantly higher even with the decline). While strength on the open may occur — prices are headed for some consolidation and Friday does not reflect consolidation – rather profit taking. For well more than a year every prompt contract has weakened around mid month in its tenure, the earliest was March that traded its pre – expiration low on 02/11; the latest was May which fell from a 04/18 high at 8.065 to a 04/25 low of 6.345. Expect this June’s role as prompt to remain consistent with that pattern.
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: $8.47-$9.60
