RE:Oh the dramasupport/resistance lines are price points where you may anticipate a stall in price movement which indicates that investor optimism/pessimism has reached equilibrium.
Prices often hover at such points until the conviction of either buyers or sellers overcomes the other... it could be minutes, hours, or days before that happens.
Escalating conviction can be seen by how far the price wanders from the support/resistance line.
Since the first peak at $4.60 yesterday, there have been 5 additional peaks (4 of them at $4.60 and one at $4.62. The $4.62 shows that there is some conviction on the Buyer side; the temporary plunge to $4.50 shows that there is also some built up hesitancy on thte Seller side.
It has now built up to $4.60 again in successive rises, but when it hit $4.60 it dropped again.
My tea leaves would say,
1. if it breaks $4.63 with any kind of pace, I'm a buyer it will go to $4.70
2. if it falls below $4.55, at best it will continue to hover between $4.50-$4.60, I'm a trader on very short swings
3. if it falls below $4.55 with momentum, I'm selling 25-50% because the rising support line is currently all the way down to $4.03... and that range gives a lot of room for trading on the way down