I could not resist one of my readers sarcastically mentioned that the run looked like it was consolidating the gains from Monday – needless to say I kept the chuckle between us. One other client mentioned that the market looked tired (again I took it as sarcasm) – really?– its been doing nothing but range trading between $2.69 and $2.50 for over a week– if that tires a market out then traders should seek a new job. What can be said about this market is it seems to seeking a “new mini-range” all within the greater range from last fall and will likely define the key resistance in short order (my bet on Thursday). This form of quiet time in natty is a great time to sell premium.
Support: $2.52, $2.422-$2.414, $2.373–$2.356,$2.255-$2.176 Minor Support: $2.694, $2.483, $2.162 Major Resistance: $2.713-$2.72, $2.74-$2.789, $2.89, $2.98-$3.05, Minor Resistance:$2.806
