Short positions were built at $37.86 and again at $35.99. Buyers failed to defend $32.90 and sellers were able to "flip the order book". Price is now gravitating towards the sell stops at $31.21 and $28.46. If buyers want to have a fighting chance, they must get price back above $32.90. If they don't, and price is advertised lower, the bulls last stand is the gap between $25. 40 and $26.51. They need to defend this level in the same way the bears did at $46.52, and if not, we will likely see price advertised at the April low of $17.41 as the hunt for more sell stops continues.

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