Prices settled down last week with lowest Average True Range since earlier in the summer. A bearish storage release didn’t bring the bears out and demand destruction from Ian didn’t extend the losses– not being a fundamental based trader– I have not way to explain. Technical data points look to the market testing support on the expiration of Oct below $6.50 only to see prices rebound– that spells a test of support and support held. Are prices destined to test resistance now? There may yet be another test of support with Nov as prompt — have to wait and see.
Major Support: $6.737-$6.727, $6.519, $6.504, $6.38, $6.02, $5.623, Minor Support $6.42, $5.548, $5.40-$5.45 Major Resistance:$7.18, $7.532, $7.71-7.75, 8.021, $9.05-$9.12,$9.35, $9.40, 9.664–$9.67, $9.9
