As discussed in the Weekly section yesterday, these big rallies and declines are not in the best interest of trying to develop a sustainable trend. They are great for a short term gain (or loss) but does not promote open interest gains seeking longer term gains. Yesterday the gains went up to the 50 day SMA (yipppeeee) only to invoke some selling –OK. Are we up another $.40 today with low volume and no gains in positioning — or perhaps down $.40– reversing yesterdays gains. NO CLUE.
Major Support:$7.14, $6.88, $6.754,$6.38, $6.02, $5.623, Minor Support: $6.42, $5.548, $5.40-$5.45 Major Resistance: $7.41, $7.485, $7.55