Daily Moving Averages: 21, 55, & 100: 3.0090, 3.0707, 3.0631
Weekly Moving Averages: 21, 55, & 100: 3.0665, 3.0164, 2.9984
Mild temperatures across the Northeast has kept pressure on Jan all last week.
- It is likely that Jan continues to see marginally lower prices for Tuesday to begin the day.
- However, Jan is nearing the end of this leg to the downside.
- Jan will have an initial target for the expected decline at 2.89 to 2.8850.
- This has the dual pleasure of being the .50 retracement of 3.2670 to 2.51 and pattern support on the hourly chart.
- The extension pivot is 2.88.
- In the event that pivot gives way Jan will seek 2.8670 to 2.86.
- It is here that Jan will pause in the descent and start a corrective pattern.
- Jan will have a minor upside pivot at 2.9250 that if busted will give a nod to a short-term bottom.
- The key upside pivot to the intraday chart is 2.9565.
- This will be a two way market for Tuesday.