Early Strength Waned

Daily Continuous

As discussed, prices started strong yesterday but gave up a significant portion of the gains by the end of the day. This is a great example of the consolidation process prices should maintain during the next few weeks. As long as the fundamental information continues to support prices off and on, the market should trade in a good range between $3.84 and $4.06 during the initial consolidation process. The question is what happens when the fundamental information supporting the brief runs starts to evaporates.

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

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