First Resources (technical)

First Resources: Near term trading likely to be volatile, evidenced by the recent sinusoidal swings in 20 day MA. Nevertheless, the long term uptrend which started 2009 remains intact. Dips to the $2.00 and $1.90 levels may offer entry opportunities, with the $1.80 level to provide firm support (classical support line coincides with 200day MA). Watch for stochastics to emerge from oversold levels, which could indicate the start of an upward bounce. Resistance at $2.20 (all time closing high).