The charts for the winter 14-15 (November 14-March 15) and the summer 15 (April 15-October 15) strips show the price lows that have formed over the past 9 months.
WINTER 14-15 STRIP
For the winter 14-15 strip, the November 2013 low which was the all-time price low for the strip was 3.814.
In last week’s trade, the winter 14-15 strip bottomed out at a 3.890 low, holding above the November 2013 low as support.
A breakout above the previous 2014 low of 4.113 shown in green would likely signal a low has been set in the market.
SUMMER 15 STRIP
For the summer 15 strip, the recent low of 3.730 fell .020 under the November 2013 low of 3.730. But it is close enough to subjectively qualify as a “double bottom” low reversal.
The breakout level to watch for the summer 2015 strip is a low from January 2014 at 3.903.
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