As a trader, the cliff that the market has fallen off of is impressive (see chart) but also not sustainable over the near term as the market clearly is approaching extreme over sold levels. Having profited nicely on these declines, greed usually catches me under-prepared and over-confident. RSI indicators on both the weekly and daily charts are entering extreme zones and the weekly chart is now trading over 2 standard deviations below the 20 week moving average– all warning signs that it may be time to take profits as I doubt they will be giving gas away free in the current year.
Major Support: $3.638 Minor Support: Major Resistance$4.22-$4.39, $4.75-$4.825, $4.948, $5.056
