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Solid Retracement

Daily Continuous

Daily Continuous

Major Support: $3.114, $3.045, $2.956, $2.874, $2.836, $2.762, $2.711, $2.704

Minor Support: $ $2.938, $2.783, $2.704, $2.695, $2.61

Major Resistance: $3.183, $3.231, $3.257-$3.297

Minor Resistance: $3.194

Prices started to retrace before the storage release which was a good indication that traders understood the over-extended gains early in the week.  Though I was expecting a little harder test of $3.11 it is not irrelevant and may be the first of a series of tests of that support.  It can also be said that the first attempt to break further into the resistance gap at $3.26 will not be the last.

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