NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Thu Jul 31, 2014 02:27 PM CDT

As its monthly chart shows, when June came to an end the most active futures contract was trading near major (long-term) support at $11.43 3/4. This price marked the 50% retracement level of the previous uptrend from the low of $4.98 1/2 (February 2005) through the high of $17.89 (September 2012). However, the November contract wasted little time in blowing through that support in early July, nearly leaving a bearish gap down in the process (the June 2014 low was $11.51 1/2, the early July high was $11.58 3/4.

July saw the November contract also move below the low of ...

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