Since the last posting on 13th February 2014 Mr Grizzly Bear has won again managing to defeat the bulls at the red upper bear claws resistance zone for the 8th time.
This upper red bear claws resistance band is now the immediate resistance.
Next resistance is the $2.95 to $2.94 horizontal resistance zone. A close above $2.95 will probably see a retest of $3.05
A cat has 9 lives as the saying goes. Perhaps dead cat bounces comes in nines too! If this is true then expect a retest of the upper red bear claws resistance band for the 9th time followed by a pullback towards the blue mid band immediate support area.
Any further weakness will test the $2.73 support. If this support does not hold there is a high chance that the lower red support band will be retest for the 3rd time since June 2013.
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