For the third Sunday in a row — prices open weaker after bouncing off the lows during the week prior. Not sure about the trend but I did find it interesting that the Managed Money Short positions (speculative short sector) has increased their positions dramatically in the last couple of weeks (discussed in the Weekly section) and they are required to report positions at the end of the trade day on Tuesday. It would be consistent to the trend to have prices lower today and retest the support areas from last week. Longer term — would think this market may trade in the recent range from the gap $2.56 and the lows of last week during the coming week as there doesn’t seem to be any fundamental reason to impact prices.
Support: $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance:$2.806
