Lets try one more time ,looking at TA right now
Price was holding above support at 70 cent area until it plunged through today.
Now, the 70-72 cent area becomes Resistance, but a larger zone above 72, can be included, so say 70-75 cents as a first layer of resistance and 77-80 cents as a second layer. Used to be support, Now becomes Resistance. may be a temporary level, all these price points , on a daily chart can be called relatively short term. but these are the price points in play....the current low that hit today at 64 cents, shows some pivot bounces around 65-67 cents, and a current resistance point at 70 cents, these intraday price points to notice.
Here's the forecast now.
Current lows at 64 cents Could hold as a bottom. Impossible to know for sure. Anyone proclaiming that they Will hold is just guessing.
Lower prices are now possible. One target is the old 62 cent pivot from February 27. Even the January 'left shoulder' zone at 58 cents is now in play.
So the next 'bottom' zone to be aware of as possible is 58-62 cents.
That's a warning ,that price could hit in this zone if it falls lower soon.
Watching price bounce around now between 64 and 74 cents is possible in coming days. and right now, bouncing around 66 cent area is possible to see a retest of 64 cents and tat zone below 64 is in play.
That's the only 'forecast' possible right now.
The chart pattern looks like the small bounce here is setting up for one more drop to try for 60 cents. but I hesitate to call it a probability. just a possibility. The "neckline" is around 60 cent area.
Longer term swing charts show the left shoulder zone at 58 cents (58-62) is a real target in a chart pattern like this.
The 50 moving average was very strong last time when price was at 43 cents. This time....it failed. Something to pay attention to .
64 cents is a nice bargain.
The whole zone (58-68) is a nice bargain zone. in my opinion.
Good bottom fishing to all.
