Technicals

The April Nymex contract fell 2.9 cents to $2.292 on Monday,following the spot month’s failed attempt to clear a majorresistance level. “April was in a two hurdle race today, but ittripped on the second hurdle,” a trader told GPI. “On the one hand,April was able to break out of the symmetrical triangle formationby moving above $2.34. However, April immediately fell back once itfilled in the chart gap at $2.355. There were quite a few standingsell orders at that price, so it’s no wonder the contract fellback,” he said.