Water...clinging to support like a big fat drip...

Below is a Weekly chart of PHO. Overlayed on the chart is a regression channel which begins where this ETF found support in March of 2009. Price has recently dipped its toe just below support at 18.68 which was established in December 2010 and is attempting to cling to this level like a big fat drip. The 50sma (red) lies just below at 18.26 and is providing support at the moment...this moving average crossed above the 200sma (pink) in mid-April this year. This ETF has basically been trendless and has been consolidating since January of this year. Should price drop further, it could find support at 17.55, which co-incides with the -1 deviation of the rising regression channel, as well as the 200sma (currently at 17.52). Should price rise, it would need to clear above the channel "mean" at 20.00ish and above the next resistance level of 20.61 in order to resume an uptrend.

Of all the water on the planet, only 2.75% of it is from fresh water sources...including 2.05% frozen in glaciers, 0.68% as groundwater, and 0.011% of it as surface water in lakes and rivers:  http://en.wikipedia.org/wiki/Fresh_water