First Resources (technical)

First Resources: the technicals are looking quite negative now, given the formation of a rounded top pattern (ie. reverse U-shape). Yesterdays black candle , coupled with today's intraday long bearish marubozu candle , and declining key indicators, suggests that the near term price action has turned negative. The downward momentum could accelerate if the $2.26 support (200day MA) fails to hold with next support at $2.20.