Prompt May traded through and closed below the continuation February and March lows and did so with increasing volume and open interest, then continued to fall to test the August Q3 ’25 – 2025 annual low ($2.622).
The lowest weekly close during 2025 was 2.692, this week’s close at $2.648 decisively violates the weekly closing support, but lower volume during than the third week of August (2,082,932 v 2,345,182) indicates fewer willing sellers than there were at the Q3 low. Even so, the highest weekly volume total in four weeks (since 2,509,774 contracts traded during week ending 03/20/26) suggests that the initial test of the ’25 low is likely that May will be offered lower during the coming week. This week’s close was the lowest since prompt December ’24 closed at $2.525 on 10/25/24 and volume was also higher as that low was traded.
