Turquoise Hill Resources Ltd. (NYSE: TRQ)

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mineral exploration, development, and production company in central Asia and Australia. The company holds interest in Oyu Tolgoi, a copper-gold project located in the south Gobi region of Mongolia; metallurgical and thermal coal deposits in south Gobi region of Mongolia; and Kyzyl Gold Project located in northeastern Kazakhstan. It also owns four molybdenum, rhenium, copper, gold, zinc, silver, and uranium projects in Australia; and exploration programs focusing on porphyry-related copper-gold and epithermal gold-silver deposits in Indonesia, Mongolia, and the Philippines. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd. in August 2012. The company was founded in 1994 and is based in Vancouver, Canada.

Please review the 1 yr chart of TRQ (Turquoise Hill Resources, Ltd.) below with my added notations:

TRQ has been trading sideways for the last (5) months. During that time the stock has been holding an important level of support at $8 (blue). No matter what the market has or has not done over the last several months, TRQ has not broken below $8, and the stock appears to be on it's way back down to that level.

For some insight into what could happen if TRQ breaks support, notice what the stock did when it broke it's previous $16 support (red) in March. A sign that the stock may have finally bottom from that sell-off would be a break above the $10 resistance (green).