Did not see that rally coming off of a bearish storage report–once again when folks expect a bearish report and set themselves up for a negative report and they get it — there is no follow through. It happened a couple of times last month when expectations were met(bearish report) but the market had already sold the news– Prices went up after the release. Can’t say that was the result yesterday– but the move up took out some stops and left me curious of what this market is saying. The gap did not close but got with in a few pennies before retreating– the gap would be the place to initiate positions but prudence has this trader waiting until clearer intentions become prevalent.
Major Support: $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47, $5.337
Major Resistance:$6.221, $6.45-$6.48, $6.687, $7.19-$7.221, $7.498, $7.532, $7.71-7.75, 8.021,