The market lost a wonderful chance to break through the support provided by the expiration of the May contract around $1.80. Perhaps it will occur today or Wednesday but I would expect it in the near term. The June contract has now closed below the trend line off of the early April and late April lows for two consecutive days. If a break below is to happen, now is the best time. Continue to trade the range the market is providing.
Major Support: $1.82, $1.611, $1.555-$1.519 Minor Support: $1.794, $1.78-$1.765 Major Resistance: $2.062,$2.08-$2.102–$2.108,$2.139-$2.16, $2.255 Minor Resistance: $2.029
