It seems that the food feeding this bullish bias may be running low. As discussed in the Weekly- bull runs need to continue to feed the bull with open interest gaining while prices run. Last week, the gains were primarily from shorts covering and nervous hedging by consumers after certain resistance levels fell by the way side. It left prices extended and now the market needs to digest the gains with some consolidation– allowing folks to institute new length. Unlike the collapse after the rally in May– the strength prices maintained through the week should not be discounted. Perhaps we are entering a period of buying dips.
Major Support: $2.055, $2.029-$1.937, $1.86, $1.527, $1.484-$1.44, $1.336 Minor Support: $2.167, $2.102, $1.975, $1.719 Major Resistance:$2.255, $2.377-$2.397,$2.43 Minor Resistance:
