Interesting Technical Situation In FuelCell Energy

The chart below shows daily prices for FuelCell Energy (FCEL) from the first day of 2004 through today:

During this period the closing high was $19.44; a little over three months later the closing low was $7.42. Those levels are marked by the horizontal gray lines. The green arrows show resistance around $12. Clearly the bulls had trouble with the $12 level, finally breaking it last month. Now the stock is back down to $12. The theory of support and resistance says that resistance levels frequently become support after they are breached, so supposedly the odds are better than average that the price will hold here.

The dashed gray lines show Fibonacci retracement levels. The 38.2% retracement level is right at $12. Fibonacci theory says that this percentage gain from the low is significant.

I'm undecided if this sort of thing ever matters or if it's just a case of random movements happening to make recognizable patterns. I'd certainly like to believe these set-ups have predictive value, and I'll be watching FCEL tomorrow.