May opened a little higher ($3.055 v $3.035) and printed the high for the holiday shortened week shortly after, supplies for May were on offer all week. The low, printed on Thursday afternoon was $2.779, just .004 above the continuation February low. Very well defined support (perhaps too well defined), is presented by the continuation February/March lows and this week’s early April low…$2.775, $2.803 and $2.779. May settled for the week at $2.800, just a tick or two below its February and March lows.
It is rare, at least in recent years, that prompt May trades through the continuation March low. Before the past week, prompt May had violated the March low only twice over the last ten years, last year and in 2019. A year ago, the calendar March low was $3.689. May ’25 was amply offered for nearly its entire tenure and failed to trade a sustainable low until 04/24 at $2.858, which turned out to be the last low before the traditional Q2 rally which peaked at $4.148 on 06/20.
