After extending gains to test the 100 day SMA, traders backed off the positive momentum of price action to consolidate at the days low. While not breaking out above– it will be today’s trade to see if prices are just going to decline and retest the recent support zones a dime around $2.00. The historical tendency for September has been to trade the high of its tenure during the first two weeks of the calendar month but there have been a few strong Augusts in recent years. A year ago, September conformed to the historical tendency. After falling to forfeit about a dime premium that had been awarded over expired August September ‘23 rallied from an 08/02 low ($2.457) to an 08/09 high ($3.018). In ’20, ’21 and ’22 September remained well – bid into expiration. This action was set up only to give back a chunk of those gains during calendar September (the Labor Day seasonal largely responsible).
Major Support:, $1.848, $1.52-$1.511, $1.481, $1.312 Minor Support : $2.00, $1.967- $1.94 Major Resistance:$2.18, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
