Not sure if the low yesterday will end up being the low for the Dec contract but it was a good start. Not trading down to the close of the Nov contract is important but not critical. In fact it does set itself up as a support zone for the life of the Dec contract. The technical explanation for yesterday is prices tested support on Monday only to run short of additional sellers yesterday and with some supportive fundamental data the mood of the market swung to the bullish bias. Keys will be how long this bias remains in the market.
Major Support: $2.98-$3.03, $2.82-$2.78, $2.74, $2.608, $2.47, $2.00, $1.991-$1.96, $1.795-$1.766 Minor Support $3.16, $2.84, $2.38-$2.26, $2.17 Major Resistance $3.48, $3.536, 3.59, $3.65
