In February, I said that I loved the daily price chart for Precision Drilling Corporation $PDS. Price was in a bullish breakout and pulled back to around the resistance of the broken consolidation. Briefly PDS bounced from the key support/resistance area, suggesting the market is respecting the price bottom and is ready for a bullish swing.PDS Daily Chart(click to enlarge)Failed to Confirm:- The fact that price eventually broke below the support/resistance area suggests a failed bullish attempt, which could in turn be interpreted as bearish.- Price broke below the moving average cluster, which also suggests weakness of bulls.- Finally, the RSI broke below 40, which shows lost of bullish momentum.- Despite all that, $2.80 might still be a last line of defense for the bullish scenario.- For one, oil prices have rebounded in March after a dip in February, so PDS might follow suit. - Another reason is that price is still in the middle of the previous consolidation range and holding above a rising trendline support.- Holding above $2.80 with a subsequent break above $3.40 should be a strong clue for the bullish outlook towards $4.00 up to $4.40, and $4.60.