Big Day For Bulls

Daily Continuous

It is not often that you see prices decline into a storage release and then when the release announces a more bearish withdrawal than expected, prices rally to set new highs. My guess is that the sellers are on their heals. The weekly charts show a market over-bought (RSI at 86+) and the market is currently well above the 2 standard deviations beyond the 20 week SMA. Bulls should be cautious at these levels of technical extremes. Not saying the run is over- but caution is advised.

Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901,
$5.01, $5.325, $5.37

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