Daily Continuous
Did not write on the Tuesday break above $3.00 because prices did not close the day above that break out level and I assumed that a break down into the zone would follow. Much to the contrary, prices rallied yesterday, not only closing above the key zone but with higher volume and waiting on open interest (lags by a day). This may be the initial start to the annual Q4 rally (higher high already in place) but we all know that today is the storage release and it may have a mitigating impact. Will look into the developing “head and shoulders” technical patter and its impact in the Weekly report on Sunday night– in the mean time you can clearly see the inverted pattern in the Daily Chart above.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $3.00, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16, $3.307