Mentioned over the last couple of weeks that it looked like the potential of a break above the key resistance level was garnering support with higher lows and continual testing of the resistance zone. It happened yesterday with the breakout above that zone ($2.029) and the short covering took prices up to resistance from the 200 day SMA of June contract. Now the market should challenge the support from the break out with tests of those areas over the next few days. Look for buying the dips during these tests of support.
Major Support: $1.82, $1.611, $1.555-$1.519 Minor Support:$2.029, $1.794, $1.78-$1.765 Major Resistance: $2.062,$2.08-$2.102–$2.108,$2.139-$2.16, $2.255 Minor Resistance:
