Major Support: $2.212-$2.207, $2.185,$2.12, $2.029 Minor Support: $2.158 Major Resistance: $2.437, $2.48-$2.52, $2.716-$2.755, $2.884-$2.908, $2.984 Minor Resistance: $2.34
Prices last Friday could not close above the previous Friday close. That is not a bullish indicator for the start of this week. the speculative short folks increased positions last week (CFTC report dated Dec 10) so they are continuing to expect additional declines. Not sure where the impetus to force the shorts to cover with the forecasts where they are. The market has a bearish bias and would continue to play that until the fundamental trade changes. Declines will take prices back to last week’s lows ($2.158) down to $2.12. Rallies (similar to last week) will find selling into the mid $2.30’s.
