Last week’s explosion was rejected short of the highs from last November and retreated to the resistance area from where they broke out. As discussed, the rally was suspect as the gains were primarily in the prompt month and the summer differed contracts did not gain near the same pace. Only problem was the summer strip did not capitulate and closed near its highs. March is heading into expiration and the area between $2.90 and $3.10 are likely to bring volatility to trade.
Support:$2.98-$3.05,$2.373–$2.356,$2.255-$2.176 Minor Support: $2.806, $2.71, $2.60-$2.554,$2.483, $2.162 Major Resistance: $3.316-$$3.396, $3.486 Minor Resistance:$3.172
