aminorex
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April 06, 2014, 09:12:58 PM

It's been bouncing off that line since 12th Dec.
...there is strong resistance on this line.

There is a classical TA rationale for establishing horizontal support/resistance levels where the price touches from both sides repeatedly.  There is no rationale evident for establishing a descending (or ascending) support/resistance level where the price touches from both sides repeatedly.  If you have such a rationale, please do share it.  It would quite an innovation in technical analysis.