June closed with a new contract high weekly close at $8.083 it was also a new high weekly close on continuation basis and was above the April high. While the soon to expire prompt posted a weekly gain ($.420) being the third higher weekly close of the four Fridays during its tenure, the week experienced three straight lower daily closes on (Wednesday, Thursday, and Friday for the first time since early March.
While volatility remains extreme, this week the 15 – week ATR (average true range) calculation was $.986 (down from $1.107 on May 6 which was the highest since November ’06 (see Weekly chart below). Regardless of the volatility, June has made little sustainable upside progress over the last month. June closed at $7.958 on April 18th, at $8.043 on May 6th, $7.956 on 05/16 and Friday at $8.083.