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Monday and Prices are Down ---- Shocking

Daily Continuous

Daily Continuous

Major Support: $2.972-$2.965, $2.944-$2.935, $2.902-$2.891

Major Resistance: $3.086-$3.105, $3.198, $3.236, $3.369, $3.431, $3.494

Minor Resistance: $3.068, $3.112-$3.145

 The market opened last night and shockingly was down.  Discussed here for weeks Monday prices decline and it sure looks like this trend will continue.  The $2.91-$2.95 has been resilient for trade lately — perhaps it breaks lower— but the liquidation process has started to modify as the CFTC report, effective June 13th , showed 5,332 contracts were liquidated from the long Money Managers while the shorts increased positions by 10,488 contracts.  Perhaps another leg down will prompt more liquidation but when the process is over the market will be set up for punishing the late coming shorts.  There is also the possibility that this support are holds and that will tell us the market is sending a clear signal.

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