Price could be making a swing bottom within the bigger picture uptrend. On longer term basis, price is still on uptrend as:
1) Price is still above October low of 1315/1320
2) Despite below the moving average in daily chart (Chart 2), the average itself has yet to turn down.
Meanwhile, the short term sell off appeared to lose steam. Price has broken the steep downtrend while a few observations suggest support is at hand:
1) Price is holding above support area, red lines on chart 1,
2) Price on RSI oversold level on Friday was higher than previous oversold level on the 16th (chart 1).
Still if bottom is to occur, price has to break above the 3 day old resistance level around 1365 to confirm the bearish bias. But if price trades below low of Friday of 1343, sell off may resume with a price below 1315 confirming the sell down.
The full report here
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