100MA has been retested multiple times in the 4hourly and is holding well. MACD suggests early signs of bullish reversal. So much room in the RSI levels. Too risky to open positions yet as we could consolidate here before testing the 50MA resistance or the Jan 3 low support (2nd support) but favors the bulls at htis point.
Two rejections in the 4-hourly downward trend line, first at 2.25 then at 2.14. What we want to see is a flag formation in the range of 2.10 and 1.8. And some big volume (not much at the moment).
Once we break the downward trend line, next we need to test the 100MA again (orange line). Watch out for these two break outs for a good entry point.
Still bearish but...
Second support held well. But tooo early to tell whether a trend reversal is coming. If 100MA resistance (orange) is broken, then we might see the first signs. As for now, this oulook is still bearish.
