Prices from the start on Sunday night collapsed down to an initial support level at $2.70 leaving little doubt as to coming test of the resistance area from Feb trade. Trade started to find less sellers, testing the historically significant January low,$2.612. Finally breaking below to test the the highs of weeks ending 02/10, 17 and 24 were between $2.577 and $2.657, and two of the three weekly closes were between $2.504 and $2.580. Time will tell if this area holds — but this is the type of decline I was discussing last week. My initial thoughts were the test would occur this week but natty wasted no time in achieving this expectation.
Major Support: $2.00, $1.795-$1.766 Minor Support: $2.41- $2.34 Major Resistance$2.836, $3.00, $3.536, 3.595