The market provided a break out signal with the action breaking and closing above previous resistance– but did so with some caveats as volume and open interest declined. Discussed those events in detail on the Weekly analysis and won’t repeat here. Three days left in the May contract and my expectations are weaker but the support holding into expiration. Should the June contract maintain strength through the process — then that will have implications for the upcoming summer.
Support: $2.658, $2.52, $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.694, $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.897, $2.89, $2.98-$3.05, Minor Resistance:$2.806
