Tues Nov 6 Close = 9.06
Wed Nov 7 Daily Pivots:
R3 = 10.12
R2 = 9.65
R1 = 9.35
Pivot = 9.18
S1 = 8.88
S2 = 8.71
S3 = 8.24
Tuesday's daily pivot was 9.50 and the high was 9.47....big improvement from previous two days where we didn't even get close to reaching up to the pivot. It still closed under the next day's (Wednesday's) pivot = 9.18, but much closer to it than it previously has been. The ranges between the resistance's and supports have substantially tightened.
Weekly (5-day) pivots for Wed Nov 7th:
R2 = 13.95
R1 = 11.50
Pivot = 10.25
S1 = 7.80
S2 = 6.55
The 5-day S & R's tighten up into the future days ahead provided volatility decreases, which it should.
Fibbonacci Extension:
A = 16.75 (Aug 13th high)
B = 11.84 (Sept 13th low)
C = 14.58 (Oct 5th high)
D = 9.67 for a 100% extension - did not hold
D = 8.33 for a 127.2% extension - next logical target
The 8.33 target is confirmed by the Daily Pivot Support 3 = 8.24 and by the lower support line of the trend channel defined by the high of Nov 11, 2011, the high of Aug 13th 2012 and the parallel support line passing thru the low of Dec 13, 2011.
The $8.00 to $8.33 area appears to be a logical buy zone.
Using the 14.58 swing high and assuming it actually gets to a low of $8.00, then fibbonacci retracements would be the following:
38.2% = 10.51
50.0% = 11.29
61.8% = 12.07 ($12 is the major supply line)