extract resources technical analysis

OK - Boys & Girls,

From a technical point of view, this does not look good and most would suspect the sell off to continue on Tuesday.

There are a few critical levels on the chart:

The first one is the closest, but not much of a support line @ $3.00 even, most likely could easily be broken.

The next level has a bit more support @ $2.60, nothing of real strength though, which may well be broken as well, however this area coinsides with the 61.8% FIB Retracement level of $2.53, so it may stabilise in this area...!

The entry level and fair value most technical chartists will be looking at is $2.32, which offers the most support of recent times, If this line is penetrated, run for the hills...lol, because it looks like the next station and long term support is @ $1.49.

Good luck all