We seem to be testing the support level which has managed to hold over the last couple of months. This comes after the price managed to breakout the support level of the channel and it tested the level again which then acted as a level of resistance. The price has managed to move to a new low and seems to be testing the strong support level, if the price at this point is able to break below the support we could see significant bearish moves. It looks more likely that the price may move up or retrace here, this can be seen by the oversold RSI, the RSI may just correct and gain some bearish momentum, if this happens it is very likely that the price could move further down.
