Spoke of consolidation around the $6.00 area similar to last months behavior around the $5.00 area last month– Well I was wrong as prices exploded on the lightest volume day of the week. That being said, this week’s total volume looks to be the highest in the last month. Higher volume on flat or gaining open interest is supportive to the bullish case. However, this market is starting to reflect an over – cooked bull run in the secondary and primary technical indicators– be very cautious in adding to positions here as prices retreated from testing the early October high. Some folks might advise taking some profits at these highs.
Major Support:$5.27-$5.199, $5.001, $4.40-$4.26, $4.187, $3.972, $3.734, $3.63, $3.584-$3.522 Minor Support: $6.00, $5.063, $5.04, $4.88, $4.60-$4.557 Major Resistance: $6.366, $6.466, $7.346
