- Stochastics lean bearish in oversold territory.
- A daily close below the 61.8% Fibo and then the 8th April’s low opens the case for 61.80.
- Bears will look for a test all the way to the 200-D SMA – (61.20) and 100 4HR SMA at 61 the figure to negate the upside bias.
- If the 200-DMA gives out, bears can target below 61 the figure for a run to the rising wedge’s support line.
- A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.
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