SHORT-TERM (today 5 days out)
For Tuesday, 44.17 can contain initial weakness (assuming it open above), 45.44 in reach and able to contain session strength. Pushing/opening above 45.44 allows 46.18 intraday, while closing today above 45.44 indicates 46.76 by midweek, able to contain weekly buying pressures, once tested the 40.96-41.15 region attainable by the end of next week. A settlement today above 46.76 indicates a good low into later September, the 51.34-53.02 region (narrowing gradually) then considered 2-3 week target. Downside Tuesday, breaking/opening below 44.17 indicates 43.07, able to contain session weakness. Closing today below 43.07 signals the 40.96-41.15 region within several days where the market can bottom out through October activity and a meaningful downside continuation point into later year.
MID (2-3 wks) & LONG TERM (2-3 ms )
The 46.76 level can contain strength through next week, below which midterm support in the 40.96- 41.15 region remains a 1-2 week target able to contain broader complex selling through October trade, once tested 53.02 attainable within 3-5 weeks. A settlement below 40.96 maintains a heavy dynamic into later year, 35.84 then expected within several weeks, last February’s 26.05 low attainable within 3-5 months. Upside, a settlement above 46.76 indicates a good September low, 53.02 then expected within several weeks where the market can top out through October. Closing above 53.02 indicates 58.22 within 3-5 more weeks, the start of a wide range of long-term resistance up to 60.28 able to contain strength through the balance of the year, possibly well into next.
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