Sunedison Testing Support, but will it hold this time ?

From the lows of 1998 the 1.20 area has provided solid support numerous times over the years. With almost a mirror image post 2008 we once again find ourselves re-testing that Support level. From a Technical perspective going Long would be the obvious choice, however the news surrounding Sunedison could suggest otherwise. So in this case i will be looking for confirmation for direction before i enter a position. Going Long now would be very aggressive in my opinion.