For most of last month the market traded in a range between $3.60-$4.00 with some very brief breaks out of the range. It seems as though the market is developing a new range with the low of $4.00 currently in place. This week will add some confirmation to the low side , but it is safe to say that with open interest gaining and volume gaining each day, there is technical evidence to support this view. Spoke in the Weekly section regarding this market and its behavior regarding these two market internals (volume and open interest) and the inability of prices to work below the major support around $3.60. Not sure it is time to buy all dips but this behavior is beginning to suggest that trade perspective.
MajorSupport: $4.02, $3.734, $3.63, $3.584-$3.522 Minor Support: $3.82 Major Resistance: $4.187, $4.22-$4.26, $4.318, $4.423
