Since Labor Day (just before) price action went from positive to negative and this website has explained the declines and potential outcomes of the technical destruction that had occurred. Now, we are faced with a “tipping point”– the market has used the area around $6.41 as resistance (mentioned here) and there has been only one daily “close” above that area on Monday a couple of weeks ago. That rally turned out false and prices quickly confirmed the silliness. That area is the old gap from the massive sell-off in October and has limited gains since. Yesterday was a great opportunity to settle a day above that area (confirming support) but instead basically closed right on it. For any additional gains in price-the market has to show the sponsorship to close distinctly above that resistance and follow through after the settle. Until that happens– the market remains at the high end of the trading range.
Major Support: $5.61-$5.44, $4.716, $4.705-$4.68 Minor Support: $5.47 Major Resistance: $6.41-$6.456, $6.74,$7.00, $7.18, $7.532, $7.71-7.75, 8.021,
