May 27 bounced off 36.36 support as buyers came back. Yesterday broke through that support as sellers ran the show. The 36.36 now becomes resistance. Mid-day today up to the close will be key. Watch volume and pricing action. If it breaks below the new support of 32.66 those of us that are long and are holding for a beat and raise call will have to hold our collective breath. Good news will certainly bring the buyers back.
What is the support and resistance? I think we must have broke support now moving to resistance but then again maybe resistance is too much and we will move back to support. Wait if we go below support could we go to a different resistance level? If not then does that show a new support level and the old one taken out. What about the resistance could it move up to the newer support level.
Moral of story. Buy a good company with a low PEG in a growing country. Forget about all this other nonsense.
Really the only thing you can really call support is 200 and 50 day moving averages because people look at this more. But even these you can't look at in cents and drift from the line.