Not sure when we are going to run out of sellers but I can assure you after all the selling going on I will be interested in the open interest study late in the week to asses the new “short” positions. Until then, don’t try to catch the falling knife.
Major Support: $3.82, $3.75 $3.654,
Minor Support/Resistance : $3.75,$3.65
Major Resistance: $4.00, $4.095, $4.16
Mentioned in the Weekly area yesterday that the market might rally off of the $4 support area– was surprised that the support zone would be tested this early in the week. Is what it is — now the question remains does the price rally slightly from this support zone.
Major Support: $4.083,$4.055,
Minor Support/Resistance : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37
The declines stopped last week at the 50 day SMA (or 200 day on the Weekly) then found support on the Friday close. Go into my expectations in the Weekly section, but suffice to say, the rally on Sunday night confirms my initial expectations.
Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support/Resistance : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37
Hello November lows as prices have capitulated downward to last months lows. That ride up and down was fun but now what is going to happen. Good question– we shall see.
Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37
Prices seem to be consolidating around last month’s lows — but the question is– does the consolidation reflect a base for another rally or another leg down. The market will determine but I will be looking at history and see if there is any reference to historical tendencies after an early December high.
Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37
Yesterday’s reaction to Friday’s action was predictable (per the Weekly comments) as the over bought market needed to correct and retrace some of the Friday gains. Had a solid (and profitable) decline in prices and not sure the declines are over as the retracement might continue for a few days (range modifications need to be established).
Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37, $5.49
I discuss many of the events that occurred last week in the Weekly section so I will not repeat here. Last week was instrumental in defining an expanding range and a bias change to the near term market. But it also revealed some issues going forward that I urge you to read. For now, on Sunday night, the market seems to be bringing some “reality” back to the trade. Let this correction play out as it may reflect another range change.
Major Support: $4.219-$4.139,$4.083,$4.055,
Minor Support : $4.46-$4.42, $3.75,$3.65
Major Resistance: $4.901, $5.01, $5.325, $5.37, $5.49
