Rather Subtle Expiration – Price Differential Remains
Daily Continuous
Some slight convergence between the Dec and Nov contract as the Nov contract expired. Still left with a significant gap and would expect that the differential will be closed in the near future due to the recent bearish bias in the last month. Would expect that buying the the lows of the last month down to $4.90 with tight stops a potential strategy or selling the current levels down is also an alternative, but need to be careful as the strength in the Dec contract during the slaughter of Nov raises concern.
Major Support: $4.903, $4.716, $4.705-$4.68 Minor Support Major Resistance: $6.314, $6.456, $6.74, $7.18, $7.532, $7.71-7.75, 8.021,
