Once again, I am not "predicting" what is to happen. All I am saying is what 47 years of chart reading has taught me about reading charts and that is that the probabilities favor the bears at this time. If the bulls can get above 4.16 this week, that "may" begin to change. For now, it is more probable that a break of support will happen, than a break of resistance.
The scary thing is that if support breaks, the computers and algorithms will "automatically" sell, and since there is no established support below, it is "possible" that the stock could drop down to the 1.75-2.00 level and that is a 50%+ loss. Such a loss (even if only on paper) is something I would want to prevent if I could.
As such, if the 3.70 level breaks, I (as a trader) would get out and look to buy later on when the stock shows where buying interest comes in.
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