You guys are quoting 200 SMA as $3.14 (and I
can see that is what findata quotes) but my chart has it quite a bit lower at $2.95. Even the EMA is set lower than 3.14 for me - at $3.02
But in any case my support line was not based on a MA but on the clear evidence that $3.12-14 has been an area where support has been found numerous times. Purple line. Note this was an area of resistance in 2016 as well (Resistance becomes support) Interestingly this is also the area where there was a gap back in June last year (marked). Gaps often get filled. So it is possible this dip is just that
filling happening. But I dont really believe that hence my position.
MA's are relatively arbitrary imho (ANZ securities Supercharts doesnt even provide a 200 MA) so I take more from the historical price action itself than any particular MA.
Also worth noting is that the MACD histogram has now gone negative.
Attachment 9393
For a better quality pic see this
https://i.imgur.com/PuX3YLm.png
(Disclaimer - short , evil I know!)