Volatility Starts to Decline — Look For Continued Range

Discussed the support zones and importance in the Weekly section– need less to say the late Friday afternoon and early Sunday trade point to another test of support early this week. As discussed previously, the market needs to confirm its directional bias and the lack of open interest is not helping the confirmation. The only entities shorting the market are the speculative crowd and they will look to each other to take the lead (yea — ok) as, they increased their positions but fell as the percentage of total open interest, all as prices rallied above $7.00. Stick to the range.

Major Support: $6.519, $6.504, $6.38, $6.02, $5.623,
Minor Support $6.42, $5.548, $5.40-$5.45
Major Resistance:$7.18, $7.532, $7.71-7.75, 8.021, $9.05-$9.12,$9.35, $9.40, 9.664–$9.67, $9.9