As suggested yesterday – prices went down to test the major support area but instead of developing a consolidation range, the market decided to run back up to and break the trend line and the 20 day SMA of the prompt June contract as discussed earlier. This volatility is wild when the range is near a $1.00 from low to high. Keep trades active for the day but don’t expect longer term gains from length or shorts in this environment.
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
