IRENIREN LimitedBATS:IRENErictaylorlooking at the overall trend, we had a down trending resistance breakout very recently. If you drawn a trend line from the 77 high, across the 63 and the 50$ high set on April 16th, we recently finally pushed up and broke above this trend line. Drawing a FIB retracement from the all time Low pulling it up to the all time high of 77$ this gives us levels where support and resistance can be found. As of now price is sitting in the Golden pocket area which is a very key area of both support and resistance. .618 support sits at 48.50$ and .50% sits at 54,10$. Looking at price action since the breakout, it is becoming clear that we are now forming a bull flag. This consolidation that is occurring looks to be the next compression phase before the next expansion. Once we can break above. 54.10 and hold above as support, we can start looking towards the next Fib resistances above. Fibs above the 54$ level is 59$ and 66$. As long as we remain above 48,50 this can setup for a great move higher