Prices backed off the recent run after the open, then rallied just after the storage release, only to retrace into the close. This type of price action was to be expected (suggested) after the short covering was finished. The limits of short covering is explained with the reduction in volume (daily but will be huge for the week) and now the market needs to prove that the rally has “legs”. A retracement of prices back to $2.10-$2.05 and then finding support will be helpful in defining how strong the foundation of this rally will be heading into a historically weak period for prices seasonally.
Major Support: $1.893,-$1.86, $1.527, $1.484-$1.44, $1.336 Minor Support: $2.167, $2.102, $2.055, $1.975, $1.719 Major Resistance:$2.255, $2.43 Minor Resistance:
