You will notice that the 20 day SMA of the June Contract was broken during trade yesterday only to be tested as support late last night. This area (up to the trend line in the Continuous chart above) will likely hold the trade during the week (without some surprising data on storage). This may provide the long awaited consolidation trade that I have been looking for rather than the $.40 trade ranges of late. We shall see.
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
