Trend Line Violation Opens Door For Declines

Daily Continuous
Spot June Contract

Once the trend line in the Weekly (see Web) and the spot June, the trap door was open, and some liquidation occurred. We may be similar in trade to 2016 which had an uncommonly early May Q2 high, but with the volume being rather anemic for this type of activity do not believe the high is in so close to the establishment of the Q1 low (just six weeks earlier). The trade does look like it wants to go down and test the expiration range low from the May expiration at $1.59. Would expect the area between the March low of the June contract ($1.649) and the previous mentioned low, to find some buying interest.

Major Support: $1.649-$1.611-$1.59, $1.555-$1.519
Minor Support:
Major Resistance: $1.82-$1.849, $1.873, $1.90
Minor Resistance: $2.029