Review

Slow balancing at higher prices yesterday saw a high concentration of trade between 92-94. After the early move above the prior day high (leaving a poor high at 96.50), there was an attempted break lower which failed with a lack of broad market weakness. Volume was light at 1.15m contracts.

Plan

Overnight has ranged between 2291-96.75 versus settlement at 94.00 on very light volume.

The gap and weak structure below remain untested and assuming today manages to hold the 91.75-93 zone, I would expect to see fresh highs through 2300. If that initial support zone breaks with broad market weakness then we could see weak longs liquidate and potentially see a push into the gap, though we could see responsive buyers step in at the 86.50-87.50 zone, depending on volume etc.

Remember, not trading is a position in itself as it may be worth waiting for the market to show its hand instead of trying to force a trade for the sake of it. All time highs can be tricky to trade, especially when the volume is so light.