The soon to expire prompt plunged to test and reverse from the 40 – week SMA. The reversal from the long – term trend defining moving average support left November $.068 lower for the two weeks but back above its August and September lows, leaving the charts with the appearance of a failed break-down.
The December contract, still commands $.532 premium over November, traded an outside week reversal. Closing higher each day this week December rallied to test its 50 – day SMA, increased its premium over the expiring prompt and ended above the high traded a week ago with expected increasing volume (due to the roll). That weekly reversal and increased premium are technical positives that are likely to play an important role for calendar November and the remainder of ’24.
