Mentioned in the Weekly about the decline during the previous week in an hour– yesterday’s decline from $8.60 to $7.086 happened in 30 minutes. That is an example of everyone hitting the exits at the same time– it gets crowded. Needless to say that it occurred in response to some news about the LNG facility, but regardless– what is more important is what comes next. Last time we had a headline decline prices immediately rebounded the next day an recovered a chunk of the previous day’s declines. Not sure this decline will find the recovery of last month so it may be prudent to sit this decline out for a day and see what happens.
Major Support:$7.36, $7.21, $6.60 Minor Support: $$6.60, $6.245, Major Resistance:$7.66, $7.725, $7.816, $7.955