The support held that I mentioned last week. After the quick trade deep into the zone of historical support expiring March rallied about $.20/dt before fading to go off the board at $1.615, $.875 lower than February settlement and the lowest monthly settlement since July ’20 at $1.495 after trading the June ’20 multi – year low. From there prices reversed higher to record the largest one day gain of its tenure as prompt.
Rather than immediately forfeiting its premium over expired March ($.193…which was almost a dime more than at last Friday’s close and $.083 more than a year ago) the new prompt traded stubbornly above its “expiration” gap and rallied to test resistance expected to be presented by its highs of the last two weeks ($1.877 –$1.890, ). From its close a week ago April traded $.219 higher, to $1.918 and closed above the continuation 20 – day SMA for the first time since January 17th and found support at that moving average through the end of the week, closing $.136/dt higher.
