Let's look at the numbers. Monthly chart the 3 month avg is 386.25, 6 month=370.25 and the 12 month =412.25. Now the weekly chart the 13 week avg=391.75 and the 26 week avg =370.50 and the 52 week =413.50.
Take last weeks high 392.50 (close to the 13 week av.) now low today 368 (close to the weekly and monthly numbers 370.25-370.50.
From contract low March to the high of 417 the retracements are 38% 383.75 50%=373.75 and 618%=363.50.
There seems to be just a dimmer light in the tunnel down in this area. Are there overhead res. yes and many.
Res numbers 378 and 382 then 386.50 and 392.50-394.50
Sometimes you need a broker to give ya a push start. Even if its just mho, you make the bottom line decisions.
I know its early and if you want a drought its now BUT keep an eye on the drought monitor map.
