The 50 support has held up before and today's close may indicate that it won't breakout short. I think the best the bulls can get now is a trading range while the bears may begin to cover at support (50). There has been very little buying pressure for the past month. Longs also resisted 68-70.
Shorts (which have ruled for a month) are indecisive based on the doji bottoms and sluggish momentum. I would cover here if I were short.
Two proprietary indicators are putting in bottoms also, so that helps.
It will definitely be a weak follow through unless a short squeeze will follow. The next minor resistance is 54.50-55 which would be a nice 10% move.
Will be watching for a bull reversal setup for a long.
Shorts (which have ruled for a month) are indecisive based on the doji bottoms and sluggish momentum. I would cover here if I were short.
Two proprietary indicators are putting in bottoms also, so that helps.
It will definitely be a weak follow through unless a short squeeze will follow. The next minor resistance is 54.50-55 which would be a nice 10% move.
Will be watching for a bull reversal setup for a long.