The November 2021 contract continues to extend the major (long-term) uptrend on the continuous monthly charts for Nov contracts only. The month of March saw Nov 21 hit a high of $12.6525, putting it at its highest mark since the May 2014 high of $12.79. However, the first few trading days in April have seen the contract extend the move even further, hitting a high of $12.85 on April 1, a price level not seen since November 2013. The Nov 21 issue is drawing closer to the next upside price target of $13.0050, the 50% retracement level of the previous major downtrend from $17.89 (September 2012) through the low of $8.1225 (September 2018). This segment of the major uptrend kicked into gear during August 2020 as the Nov 20 contract posted a bullish outside range before closing at $9.5350, up 61 cents for the month. Yes, the market is sharply overbought with monthly stochastics above 95% but as long as fundamentals stay bullish, traders aren’t likely to spend much time selling. The Nov 21-to-July 22 forward curve was showing an inverse of 37 cents at Monday’s close with the net upside target at the 44.25-cent inverse mark.