Proprane is seeing a decline, as it is a byproduct of both crude oil and natural gas production, and prices of both of these are low at this time, and will be for the foreseeable future. Natural gas , being the more stable of the two as it is abundant in the United States and less prone to swings in price due to some of the more unpleasant geopolitical discourse.
After some quick we see some Fibonacci ratio confluence that just happens to align with the 1.10 price point. (A 1.618 fib extension of the current move and a 3.82 retracement of the preceding impulse leg) Looking left, we see SOME congestion around the 1.10 handle but none that really serves as major structure out on the daily. Still, I am looking for a shorting opportunity once price rises to about 1.10, frontrunning orders slightly below to ensure a fill. Price at this time will succumb to selling pressure and will drop. We also see our approaching an overbought condition if you use that oscillator. I think the current move can only be a relief rally at this time.
Happy trading and stay warm my friends.