Major Support: $1.83, $1.611 Minor Support: $1.812 Major Resistance: $2.08-$2.10, $2.34, $2.437, $2.48-$2.52, $2.716-$2.755 Minor Resistance: $1.98, 1.994, $2.21
The lowest expiration since March ‘16 was immediately met with more selling when March took over as prompt. History tells us that March has tendency of trading a high or a low as prompt during the first week or ten days after February expiration. According to the CFTC data on Friday the Managed Money shorts expanded their short position last week and the market already has an oversold condition. This market is screaming for a short covering rally though it may be brief.
