Mentioned in a previous blog that if price action does not take advantage of the previous decline– it was go to miss a great opportunity. The same can be said for the current declines. Technical indicators are confirming the market is “consolidating” or range trading for the last couple of weeks with open interest gaining last week with volume declining from last week and lower day to day as compared to last week. The momentum indicators are calm — confirming the consolidation.
Major Support: $4.88-$4.825, $4.728-$4.70, $4.61, $4.537,$4.375, Minor Support: $4.66 Major Resistance: $5.148-$5.175, $5.339-$5.40, $5.64, $5.964, $5.996,$6.177, $6.24-$6.493
