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Boring Range and Consolidation Continues
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
- Jun 21, 2018 — Test of Major Support Holds
- Jun 20, 2018 — Prices Test Major Support
- Jun 19, 2018 — All Happenned in the First Day
- Jun 18, 2018 — $3.00 Finally Falls
- Jun 15, 2018 — Interesting Storage Responce
- Jun 14, 2018 — Consolidation Sets the Stage
- Jun 13, 2018 — Prices Retrace a Smidge
- Jun 12, 2018 — Week Starts With a Gain
- Jun 11, 2018 — Perhaps a Big Week
- Jun 8, 2018 — Storage Within Expectations