Proceed with caution
A possible short term burst reaching the horizontal support line as a retest but would fall back as a further retest. I do not believe it'll hit the channel line on that rising channel. Right now we can see that it is also forming a steep wedge that signals a temporary break to the downward trend which is also supported by the falling volume that signals it isn't verified. However, this can signal a short burst which is also supported by the MACD where it looks to be forming a positive cross that confirms my opinion.
I call it a 'positive cross' as the blue line is going to cross over on top of the orange versus a death cross which is the ones with orange line crossing on top of the blue. I have also marked out an example of a positive cross in a green arrow and death cross in red arrow
*This is in no way trading advice, simply an opinion
I call it a 'positive cross' as the blue line is going to cross over on top of the orange versus a death cross which is the ones with orange line crossing on top of the blue. I have also marked out an example of a positive cross in a green arrow and death cross in red arrow
*This is in no way trading advice, simply an opinion
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