Coming off two days marked by sizable price swings and robustvolume, buyers and sellers were almost evenly matched Tuesdaymaking for a rare sub-5-cent price range. The prompt month closedthe day down 1.3 cents to settle at $1.952.
One Houston trader was surprised August was not able to probehigher. “The locals were a little long coming into the day andproceeded to add to that length in hopes it would push the marketabove the $2.00 level triggering buy stops along the way. However,there was more selling from all segments of the market than theyhad expected, which in turn caused the locals to become net sellersbefore the close.”
Looking to the August expiration, a source noted the marketseems balanced but is likely to settle above $2. He said thepractice of selling the average of the last three days settles andbuying the last day settle could be the difference. In dailytechnicals, August will see resistance at $2. Support still lies at$1.915, a chartist said.
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