The quiet declines continued into the close on Friday with prices firming just below the $2.57 – $2.60 zone. Due to a close of weekly prices below the previous week’s low- the technical expectation is for prices to extend the declines further. History tells us that the Labor Day weekend is historically linked with weaker prices so this will be interesting to watch. From a trade perspective, buy the lows of the range and sell on the rally off of a failed test.
Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766 Minor Support $2.38-$2.26, $2.17 Major Resistance$2.83, $3.00, $3.536, 3.59
