As discussed in yesterday’s Call, the market extended the declines from last week only to find buyers that propelled another reversal. It seems to be evident that declines in the July contract will find buyers at consistent levels. My expectations were for the prompt to trade below the lows of last week and was alarmed when the rally occurred. What does it mean– the range is intact and the market is unable to break below or above. Look at the upcoming convergence of the trend lines– something is bound to happen.
Major Support: $1.611-$1.59, $1.555-$1.519 Minor Support: $1.705-$1.649 Major Resistance: $1.90, $1.974, $2.019- $2.029 Minor Resistance: $1.864-$1.896
