Major Support: $2.12, $2.089, $2.029 Major Resistance: $2.34, $2.437, $2.48-$2.52, $2.716-$2.755, $2.884-$2.908, $2.984 Minor Resistance: $2.158, $2.185, $2.21
What was support a couple of weeks ago now seems to be providing resistance. It almost looks like the market is forming a base from which to rally. Perhaps this week’s storage release will provide better insight as it will be bearish again. I am getting some interest that with all the bearish data hitting the market additional pressure to prices is not occurring. I stated yesterday that the techs suggest a test of August lows should be expected but am not seeing confirmation with the trade. Play the range still but keep an eye on the potential for divergences developing in the price action.
