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Last Week's Retracement Needed

Weekly Continuation with a 2 Deviation Bollinger Band

Weekly Continuation with a 2 Deviation Bollinger Band

Major Support: $3.114, $3.045, $2.956, $2.874, $2.836, $2.762, $2.711, $2.704

Minor Support: $ $2.938, $2.783, $2.704, $2.695, $2.61

Major Resistance: $3.183, $3.231, $3.257-$3.297

Minor Resistance: $3.194

The declines on Friday down to support at $3.11 gave us an indication of near term support and the small rally off of those levels confirmed. Prices may want to continue the move upward this week and may likely test last week’s gain but I am not convinced that the gap from Jan 30th at $3.257 (traded briefly above last week) will fall during the Nov contract. That area is still a good place for profits but as the Bollinger study suggests, I would not be initiating new positions there. The gap there in the Daily charts is like to be filled — just not convinced it is with the Nov contract.

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