Interesting, my rudimentary TA now targets a buying support level around $4.80 (drawing a horizontal line which closes 2 triangle formations at that level), but TA should never be used in isolation of course.
eg. I have closed out my large hedging position on the ASX 200 after resistance broken thru at 7145 from Chinese stimulous announcement (expectation & actual responses) plus good US earnings etc. Will try again when the sh** hits the fan in US also and see whether Resistance turns into Support on Monday with ASX 200 as the irrational exhuberance rolls on...The jury is out for me on just how reliable TA is as a tool in general, except in Macro situations I would hope.