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Declines Commence to Test Support

Daily Continuous

Daily Continuous

Major Support: $2.903-$2.891, $2.876-$2.813, $2.797, $2.773

Minor Support: $3.016

Major Resistance: $2.998, $3.112-$3.127, $3.198, $3.213-$3.218

Minor Resistance: $2.971, $3.074, $3.153

Prices continued the probe to test the near term support and now they are faced with the area that prices jumped up and through after the Holiday.  It wasn’t a gap but the meltdown over Thanksgiving and then the rebound on the Sunday night after, is an area that will find some buyers. A break below that area ($2.876-$2.813) will clearly set up a the expiration lows from the Nov expiration.  Once again prices are at the abyss, similar to the Holiday experience.  If they find a bid then we will likely return to the middle of the 5 month range, waiting for the next catalyst. 

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