The expiration of Aug tracked a range either side of $4.00 continuing the trend of being well bid on expiration day. Now we look to at the Sept for leadership which will likely trade toward the lower end of the Aug range should the consolidation (starting earlier this week) continues its trend. While Aug tested the minor support area yesterday at $3.87, September may immediately want to test the same support. Should the bulls spark the Sept contract look for the Aug highs ($4.064) as the initial resistance.
Major Support: $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, $3.198, Minor Support: $3.87, $3.821, $3.508-$3.485 Major Resistance:$4.054-$4.094, $4.187, $4.238
