Report came in close to expectations and had little effect on directional bias. Still with in the range of late, prices have not pressed upon support and remains at the high end of the range. Patience continues to be the key.
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
Prices weakened some what and close just on the 50 day SMA mentioned yesterday–Be patient here to see if there is going to be additional selling.
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
Nothing new yet as prices remain in the last six week range. No new technical analysis theories. Play the range.
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
Behaving as a commodity market should — prices rallied, established a short term test of resistance and now the market need to retrace and test the low end of the range. This test of support should set a higher low and that would identify a base that may be the beginning of a forming a base for additional rallies.
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
Not sure of the source of the buying yesterday– it may have been related to the strength in Crude market recently, but the market may want to trade up to high side of the range that held the market of late. Eventually the market will build a base that will carry prices up to establish the Q2 high. Not sure if this the beginning of the basing– I would expect it to form from failed rallies — testing support but setting a series of higher lows.
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
