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Boring Range and Consolidation Continues

Daily Continuous

Daily Continuous

Major Support: $2.711, $2.708, $2.654, $2.58, $2.568-$2.522, $2.495

Minor Support: $2.682, $2.61

Major Resistance: $2.834-$2.849, $2.88-$2.891, $3.005-$3.039, $3.081, $3.131, $3.183

Trade last week brought nice reversal on Thursday with increasing volume and open interest — perhaps signs of a bias change. Only problem I see is the range in last weeks trade is nearly the same range as the previous week which leads me to conclude we are still in a range bound market.  The bulls will need a close above $2.839 then the next level is the 200 day in the continuation chart. The bears are looking for failure on this run to expand resistance (as it has in the previous four attempts) then retrace to the 50 day SMA.  Should be an interesting week.

Past Daily Calls