Resistance has been identified as the 38.2 percent Fibonacci retracement on the fall from the April 23 high of $2.19 to the May 12 low of $1.8275. The next resistance will be at $2.0090, the 50 percent level.
A double-bottom that formed between May 12 and May 14 has been confirmed, as its neckline around $1.9130 has been broken. The pattern points a target at $2.0090.
A further drop from the current level will be limited to $1.9130, the 23.6 percent retracement.
The views expressed are his own.
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