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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
- Oct 18, 2018 — On Your Mark -- Get Set --
- Oct 17, 2018 — Consolidation Continues
- Oct 15, 2018 — Start of the Week May Find Gains
- Oct 12, 2018 — Prices Retreat Only to Find Buyers
- Oct 11, 2018 — Consolidation Continues
- Oct 10, 2018 — Prices Continue to Advance
- Oct 9, 2018 — Prices Run to Last Week's High
- Oct 8, 2018 — Last Week's Retracement Needed
- Oct 5, 2018 — Solid Retracement
- Oct 4, 2018 — Price Run Attacks Gap from Jan 30th