Strong support at 3200 to set us up for a potential cup and handle pattern; first push would be to 3400 (neckline) with a breakout to 3600 (merging 200EMA).
Daily MACD closing back in on divergence but we could still dip into a double-bottom (3050-3000) to extend the sellout phase.
A bullish market sign would be a resistance-to-support flip off 3600 as essentially we aren't in the clear until we hit the long-term lower extreme zone (solid black line).
See post below for a long-term analysis off the daily.
Daily MACD closing back in on divergence but we could still dip into a double-bottom (3050-3000) to extend the sellout phase.
A bullish market sign would be a resistance-to-support flip off 3600 as essentially we aren't in the clear until we hit the long-term lower extreme zone (solid black line).
See post below for a long-term analysis off the daily.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.