Not surprising that after a rally that was provoked by short covering (breaking above the $3.00 level) prices would retrace back to the old resistance area that is now support ($3.00). Thank you to the subscribers that forwarded emails regarding the break above and the expectations going into the July contract as prompt. It will not be a straight action of rising prices onward with the July contract and as discussed yesterday, we need to watch how this sets up for expiration. The retracement to test the support yesterday is very healthy for the market now does it break back below short term support ($3.00) and for how long.
Major Support: $3.001, $2.883, $2.78, $2.71-$2.70, $2.658, $2.52, $2.422-$2.414 Minor Support:$2.876, $2.694, $2.483, $2.162 Major Resistance: $3.12, $3.251, $3.31, $3.396
