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Re: None

Monday, 02/10/2014 6:18:39 PM

Monday, February 10, 2014 6:18:39 PM

Post# of 232507
Some short term chart vandalism occurred with a puncture of the support line of the uptrend channel (blue). The channel could still survive with an up day tomorrow, but it's trustworthiness as a trading tool is diminished. The failure to successfully test .01 (magenta) indicates it's failure to become new support.
All this is not tremendous bad news. .01 may not be support but after last week's breakout it is no longer formidable resistance and the next level to challenge is .014 (red). There is still intermediate and long term support (green) at approximately .048 and .04. Furthermore, the blue short term uptrend channel is not to be dismissed unless the price fails to break above the lower support line at near .007.
The bold believers could buy in this area with small orders at .006, .007 and long shots at .005 and .004. Small orders because selling today accounted for only about 1/4 of the volume.