Did not publish last night as I was wondering if the 1st close below $3.00 was indicative of price bias in the immediate term or a “one-off”. The answer came in trade yesterday which held support and then rallied. The game is not over for an extension of the gains, but rather a rebound. What was more interesting was the gains in some of the winter months as the Sept prompt rallied. Sept, as prompt may have some volatility, but some of the winter contracts may preform better from the long side as we head into fall and winter. The downside needs to see additional momentum to the bias and not run out of steam (keep an eye on open interest).
Major Support: $3.054-$3.007, $2.97, $2.727, $2.648, Minor Support : $3.30-$3.26 Major Resistance:$3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501
