I always favoured "Zones of support" as opposed to hard lines of support as its more in tune to the market reality. 18c was the start of this "support zone" as denoted by the high in Jul 2017 which has its high at 18c. So as you can see on your chart Hoots there is a very strong "Zone" of support from 16c down... With the strongest part of the "Zone" (where most historic activity is) in the 14-12c zone. There is about a months worth of historic trading in this zone alone. Also strong support below this also 12-9c.
Do I think we will descend to this area ...no I think we will bounce up off the top of the Zone we are within now. If we do dip down it will not be for long before we bounce back out upwards.
Looking at it the other way and assuming we rise from here we will encounter some resistance around the 19c area again but there is a stronger zone of resistance around 21-22c (about two weeks worth)
