Looking to test 200 day MA and upsloping trend line in blue for the shorter term.
Overall the market is still in a buy territory, but a test of the 200 day MA might be likely.
Weather concerns for the upcoming fall and winter are not an issue yet. Physical demand as my sources tell me has been more than subdued over the sommer after the end user buying activity in the spring. Longer term the market seems to form a triangle and is looking for guidance. but looks heavy in the short term.
Normally at the blue support line I would recommend selling put spreads or puts, but I am concerned with overall pressure hence I am staying out of it. Maybe some small positions in selling put spreads might be good, but with limited risk IMHO
Overall the market is still in a buy territory, but a test of the 200 day MA might be likely.
Weather concerns for the upcoming fall and winter are not an issue yet. Physical demand as my sources tell me has been more than subdued over the sommer after the end user buying activity in the spring. Longer term the market seems to form a triangle and is looking for guidance. but looks heavy in the short term.
Normally at the blue support line I would recommend selling put spreads or puts, but I am concerned with overall pressure hence I am staying out of it. Maybe some small positions in selling put spreads might be good, but with limited risk IMHO
