Tuesday, December 29, 2009
22nd Dec 2009 - Rapid raise after opening followed by swift decline resulting in a clone doji shooting star combination with lower shadow.
23rd Dec 2009 - Gapped down smashing through 50% Fibonacci retracement but the plummet from previous day was arrested by 61.8% Fibonacci retracement support at 18 cents. Closed with a long upper shadow Rickshaw Man Doji.
24th Dec 2009 - Mini Dragonfly Doji reinforced the 61.8 Fibonacci retracement support at 18 cents for probable upward flight.
28th Dec 2009 - Earlier flight above 50% Fibonacci retracement was unsustainable resulting in a potential inverted hammer candlestick formation.
Price action will probably be confine between the upper light blue gap resistance zone and the lower pink gap support zone. Any breakout above the gap resistance will be blocked by the red channel resistance followed by 23.6% Fibonacci retracement resistance at 24.5 cents.
Immediate support is the 61.8% Fibonacci retracement support at 18 cents followed by pink gap support zone and green mid Bollinger band which is also the 20 days Simple Moving Average. Breach of this moving average support line will retest 78.6% Fibonacci retracement at 15 cents followed by blue trend line support.