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Declines Commence to Test Support

Daily Continuous

Daily Continuous

Major Support: $2.998-$2.983, $2.971, $2.955, $2.903-$2.891

Minor Support: $3.016

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

Minor Resistance: $3.074, $3.153

Prices went just to the middle of the range that has held prices discussed yesterday.  Forecasts moderated and the selling accelerated. Is this the end of winter as we hit the coldest spell of winter?  Perhaps.  In the middle of the range, I can’t make an opinion to buy or sell and techs say its in the middle of the range.  This may be one of those days to let the market play itself out but will mention one fundamental element and that is the cash market may be supportive in the morning as demand will start picking up over the next couple of days.

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