Discussed yesterday of potential for all of the excitement surrounding the opening on Sunday night (opening gap) to be mitigated during this week. The gap was closed during the early after close market — so now prices sit where they were at the highs on Friday. That price behavior is not a ringing endorsement for folks buying into November on expectations of additional price gains. That is not to say they can’t go higher, as any demand gains from forecasts will have a positive impact, but it looks like the idea regarding the short covering causing recent gains is accurate. This run just does not have the support from the total trading community yet — stay tuned.
Major Support: $2.454, $2.392,$2.258-$2.253, $2.219
Minor Support: $2.74, $2.339
Major Resistance: $2.743, $2.789-$2.801,$2.908-$2.928,$2.973-$3.002