Commented numerous times last week about the potential for the gap that was formed last Monday to be closed and was a target for traders. Needless to say, I am startled to see it happen on Monday this week as that is in the face of the previous two Monday’s price action. Never the less, it did and now trade will have to work through the rally with expiration coming in a week. I was expecting recent ranges to remain in place for the beginning of the week and then form a break down or break out during the last couple of days of prompt life. I want to wait and see if this slightly bullish bias holds this week as the market is not near the highs nor the lows of the month’s trade range ($2.422-$2.887).
Support: $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.483, $2.162 Major Resistance: $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance:$2.806
