BofA Merrill Lynch notes as follows:
We remain bullish on USM5. While the price action of late last week failed to follow through as expected; we were expecting higher prices based on bullish seasonality around the 1st trading day of April and ahead of the Good Friday holiday, the lack of upside failed to damage our larger bullish view.
Indeed, evidence still says that the 6wk contracting range is completing as the larger bulltrend is resumes. Upside targets are seen to 2104.75 Triangle resistance) ahead of 2136/2175. Pullbacks should not break 2033.25 & can't break 2029.00.
