I'm going to use the chart that poemstone posted of 4 months, and expand it to 1 year. The true resistance/support is not $1.60 but $1.50, which was a 50% retracement from the $3 high we had.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.