As most of you know– I have had a bullish tint to my interpretations since last fall as I discussed the series of higher highs and higher lows that the market had printed (only slight exception was the Feb high). –I will be updating that analysis later this fall–. While nothing has changed my broader view of the technical trade (still remains bullish bias), there is one element missing in the recent 2+ month rally and that is the serious selling that forces my bullish friends to test their intestinal fortitude. Have no clue when the event occurs much less what will cause it — but it is likely to happen. Right now we just happily range trade each week with price range a little higher.
Major Support: $3.87, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, $3.198, Minor Support: $3.821, $3.508-$3.485 Major Resistance:$4.187, $4.205, $4.238
