Prices tried to expand the low side of the recent range but did not challenge the major support starting at $2.64. Suggest the same range as last week.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16
The market failed at resistance and now wants to challenge the support side of the recent range between $2.58-$2.64 we shall see how much the market adds to the positions in the coming days. Keep and eye on daily volume levels over the next couple of days — lets see how many folks want to sell into Nov prices this early in the month.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16
The bulls tried to set up for a break out above $3.00 only to fail after the data release. Not sure how the data was interpreted as bearish to kill the gains but that fundamental information is over my pay grade. The key from my perspective is the market did not “collapse” but rather held the recent range. Take that as additional confirmation that the bias has changed. Play the suggested ranges from earlier in the week.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16
Trying to set a base for the next step higher (should it be the result) prices paused and “consolidated” the recent gains (from expiration or what ever) and now seem to be in a consolidation process. From here, would suggest buying dips on the declines and selling over the $3.10 zone.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$2.618, $3.00, $3.16
The market seems to be changing it’s bias after the expiration last week. Would treat this change with caution until there is solid confirmation of the next and new range.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support :$2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$3.00, $3.16
While prices were up and down during yesterday’s expiration, I am going to state that the expiration process was well supported, thereby breaking the trend of the previous expiration’s of 2024 which were all well offered during the process. What does this mean?—The bearish bias (all through this year) is starting to take some hits. The first target is the gap remaining from the premium awarded the Nov contract (even though some of that gap was closed during yesterday’s decline). This will be the first test of a confirmation of a bullish bias change.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$2.618, $3.00, $3.16
