Looking at the hourly chart above, the price stayed mostly above its 200 hour moving average currently at $37.64. A move back below that level with momentum should solicit more selling pressure with the $37.07 swing low from June 9 and again yesterday followed by the 100 hour moving average at $36.70.
On the topside a trendline cuts across around the $39 level
The August contract contract down -$0.44 at $38.21.
Thank you for subscribing
Trade with Top Brokers