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Extracted from my blog http://kelongstocks.blogspot.com
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Chart shows TPV on an uptrend since 28 Sep 2003 when it was at $1.13. Since then, price has ascended to a high of $2.05. A double-top formation was seen in end Jan to end Feb 2006 and the neckline at 1.86 was broken on 28 Feb 2006. Technical target from breakdown of double-top formation is $1.67 and this was hit on 8 Mar 2006 where prices decline to $1.66 before rebounding off the EMA 100 to close at 1.77 (bottom reversal day).
Supports: $1.70 (previous low on 18 Jan 2006), $1.68 (EMA 100), $1.60 (previous resistance turned support).
Resistances: $1.75 (downtrend channel resistance), $1.81/$1.82 (recent highs), $1.86 (neckline of double top formation)
Indicators are still bearish with RSI heading down towards oversold zone, MACD hovering just below 0 and fast stochastics cutting below the slow stochastics line in neutral zone.
........continued at my blog
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