An inside day yesterday as prices created no new high and no extension downward even with the storage report release. I wish the techs would tell more but things haven’t changed for the last few weeks when I discussed (December Weekly) that price over the long term (see Monthly or Weekly charts) remains with a slight bullish environment but is susceptible to declines testing support. Current price action seems to be using the 50 day SMA as near term resistance. Key areas for support is last months gap open low at $2.238 and resistance has been defined at the 50 day SMA up to $2.79. Need to be patient here as bias needs to be confirmed.
Support: $2.373, $2.255-$2.176 Minor Support:$2.547, $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.98-$3.05, Minor Resistance: $2.806
