Spoke in Good Friday analysis about the declining volatility that the current market had been maintaining. Nothing changed last week as the prices remained in a tight range environment, seemingly going nowhere. Maintaining above the 200 day moving average but closing just below the 40 Week Moving Average, prices seem to want to test the low end of the current range $2.45-$2.42 and very well may but the key is what happens upon that test — a break below will likely bring the lows from last Dec into play a test and failure will send a much different signal.
Going back to the volatility and lack of it in the current market and the potential impacts for future prices. Look at the chart below, it represents the continuous price movement (upper pane) and the daily range for prices over the last 14 days (lower pane):