On the daily charts, Chicago did sell off into the one remaining support before the contract low, which was the trough at 2.69. A reversal up from here would be a buy opportunity with a stop below the swing low currently being made. Kansas City May goes off the board on Monday, so July becomes front month and can sell down to 2.98 before violating downside support on the weekly chart, thirty cents lower for that contract. From a daily perspective, the next downside support is at 3.2475, a gap from the recent swing low. This publication is strictly the opinion of its writer and is intended solely for informative purposes and is not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named.
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