asx 200, page-76

Hi guys,

Ive drawn support lines on this chart. Make no mistake, Im no expert, charts & candlesticks is just a hobby :)

$3 was pretty easy to pick as support. It doesn't have to be $3 exactly.
I read a book by Rene Rivkin once and he said if you wanted to buy into a stock ( at say $3 ), you wouldn't place your buy at $3 but at $3.02 or something. There seems to be a physiological impact regarding round numbers or "whole" numbers like $3, $4, $20 etc.

$3.00 was strng resistance once and so I used that as support with a declining chart.
$2.60 ish would actually look better as support than $2.70 now that I look at it again. And I think Dreamer is using his prediction of $2.20 based on the double top back in late "09"/"10"
That's a pretty dire prediction though but these are uncertain times.

$2.60 could be a very real possibility. I'd like to see a hammer form and buyers come back in to support the sp if it gets as low as $2.60 but its becoming like catching a falling knife at the moment.
With the RSI looking very oversold and the sp getting along way away from the 21 day MA, there HAS to be a bounce coming soon.
Conformation required though and today's candle wasn't it!

DYOR :)