We have a trend line of Resistance established – using Closing prices – starting the first week in June 2012 with at least 4 touches (closing prices) to the present. The subsequent touches were the fourth and fifth weeks in April and the third week in July 2013. A Close this week at .0047 would be the next.
After the last touch on the third week of July 2013 we started our descent in share price to .0025 where it bounced three times before moving higher and now we are trying to touch the trend again; we’re in at least good territory.
It seems to me that Resistance is strong in the .005 area and players involved are sensitive to the possibility of awaiting Company news… at least that’s my take. Could I be wrong? Oh yeah… but charts don’t lie.
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