The declines of last week tested intermediate support (see Weekly section) and finished at the lows. This weakness would suggest additional weakness as price started on Sunday, but as recent trends have shown, how the market closes (weekly), does not necessarily suggest how it opens and this week continues the trend as prices are up nearly a dime. I still submit that the market is range bound with the February contract, the only issue remains the lows with last week making the first argument.
Support: $2.373, $2.255-$2.176 Minor Support: $2.162 Major Resistance: $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance: $2.547-$2.566, $2.806
