This is sure exciting-Price action found a decline at the start of the week to the area of support between $1.60 and $1.70. From there a bounce occurred and traded traded as high as $1.774. As that small bounce was occurring, volume was lower. By Friday. the prompt returned to retest support at between $1.643 and $1.651. All that action and nothing happened.
Volume and open interest increased as the prompt fell at the front of the week but the trend changed with the turnover diminishing on Friday. Perhaps this suggests that sellers below $1.650 might be more cautious. Notwithstanding that potential, given the weak ending close a contract low close for the April contract , the technical presumption is April will likely head lower.
