TA UpdateWith the MA50 failing to hold support, it opens the door for the next two support lines. Next line of support I see is $1.01 and if that fails, then she will want to test .87
I read the nr today out of curiousity and I must say they threw everything into it except the kitchen sink, and the market responded with a yawn.
The lowering of the trade volume has turned around and increased but on the pressure of the sell side.
The charts stand pact and show the sell on the failure to break through $1.23 was the correct call last week.
Traders are either on the sidelines watching to see where support comes in, or shorted it last week on the $1.23 fail.
Watch to see if $1.01 can hold (Fib 50%), if not you may want to take your profits or reduce your losses and then see if .87 forms the next support line.
There is nothing on the positive side that I can see in the charts at this particular time.
Happy Trading all,
Mediascan