Price action got slapped coming out of the pre-holiday run and returned $.25 yesterday. Now we head into expiration and there is a significant discount of the Jan contract to the Feb. While figuring out how that is going to work out, traders get a storage release to evaluate, Some traders use the options market if they have to have a position on. I am expecting some declines in the Jan contract going into expiration and for Feb to hang tight.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112, Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856 Major Resistance: $3.631-$3.681, $3.829, $3.92, $4.00
