For those watching the price action...
This week , and last, have been good examples of the bleeding down game, step by step, reaches a target, then bounces up a step or two, then hits resistance, most recently 3.95,3.85 area, and begins to roll over and start the downward tumble and bleeding down again. This week the roll over tumble continued today. Hitting a key support step at 3.65, critical to hold around this 3.60 area now. The next one down is 3.55. Resistance overhead now waits around 3.80 to watch for the next roll over and selling down again. But this is a key battle zone for the trading bots, here bulls need to hold 3.60 support area (3.65-3.50) and rally strong again to target 4 dollars-4.40 as a good finished rally wave. However, The resistance that capped 3.98, then rolled over this week, now retesting 3.65...the roll over tumble has won the round, and now looks to empower resistance around 3.80. The 3.60 support zone should face more testing in the coming days. And if it fails and price returns to test 3.40/3.25... it's a win for the bears and they won't stop there, but should be driven to try sending price to the major target zone 3.00-2.90-2.80-2.70.
The next clue comes by watching the resistance at 3.80, and support at 3.55 area. This week's roll over today, comes after last week's mildly bullish bounces, which showed bullish potential...IF support would hold here now at 3.60 area. It's crunch time now for longs to see buying enter here if they want to see any rally recovery continue into the 4's. Otherwise, to see price rolling over again at resistance, 3.80 is next, and bleeding back down lower again, is the downward pattern ... heading to retest 3.25 and looking at 3.00/2.90. This is how the tumble lower/bounce and roll over/ bleed down lower pattern is done. Watch resistance around 3.80 now, watch support around 3.60 now. The battle is still ongoing.
