After prices broke down through support zones (some commonly followed) on Wednesday, they rallied back above $5.00 on Thursday only to run into additional selling. The technical break down last week can not be under stated– the only positive technical aspect to trade is the market has not closed below the key support area defined back to the fall (discussed at length in the Weekly section). If prices do not challenge those lows — they will miss a wonderful opportunity to do so. Until that happens the lows should be supportive and the low end of the trading range.
Major Support: $4.88-$4.825, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92 Minor Support: $4.728-$4.70, $4.66 Major Resistance:$5.028, $5.148-$5.166, $5.379-$5.40, $5.64, $5.964, $5.996,$6.177, $6.24-$6.493
