RE: Congrats to all longsYvrogne, your statement that the stock will never retest 1.10 can only be based on hope and nothing else and is a foolish comment to make on a board.
The stock "technically" is doing exactly what the charts indicated.
Remember yesterday, the support line was 1.05 and as we saw this morning, the flush pushed is slightly below that at 1.01. We have since bounced off the resistance line of 1.15 when it hit 1.17
So in technical terms, there is typically a test either of support or resistance, 2 to 3 times before you get a true picture of the direction of the play.
The intraday is showing that the stock will want to test the support again as many who just bought in will not want to risk that support failing again and end up losing in their position.
At this very point in time, no one knows which way the play it going to end up later today.
Traders will wait to see if support holds and as well as whether resistance is broken before entering at this point again.
The smart investor is watching it unfold on the sidelines until a true direction is established once again.
Happy Trading,
Mediascan