Prices broke out to an over two year high (since Dec’ 18) last week and ran through what I would of thought was serious resistance. Poo Poo, that concept while prices close the week on the highs. The only elements missing were the weekly volume flat’ish to the previous week and open interest falling (early estimates). Other than that it is all systems go — right? Be sure to read my Weekly section as there is some color brought by this rally from a long term perspective. I do not subscribe to a continuation of this meteoric rise continuing until it consolidates the gains. Price gains may continue into the first week of July but there will be a reckoning from a technical perspective– just don’t know from where.
Major Support: $3.396, $3.368-$3.316, $3.198, $3.129, $3.02 Minor Support: Major Resistance: $3.511-$3.538, $3.722
