Not a whole bunch of technical analysis off of yesterday’s small rally from support at the 100 day SMA. Stick with the range trade for now, perhaps the storage release will provide the next round of volatility.
Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736
June expired with a solid expiration and now July takes its shift as prompt. Same range that has held prices for the last several months. Play the extremes of the range in the coming few days. Lets see how the week closes.
Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736
As you know, I do not participate in the expiration process due to the light volume and quite often “head fakes” they can provide. I will participate should either end of the range trade enters the target zones whether high or low end with the appropriate trade.
Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736
As discussed in the Weekly section earlier this week, the historical trend of weakness around the holiday may effect the trade today.
Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736
As prices rallied through resistance at $3.00 — it is very common for that resistance to hold prices as support. Now we will have to watch how prices behave at testing it in the future.
Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736
