The is also oversold. These indications suggest cutting long term short positions, but not necessarily going long as the long term trend is still . There might be some volatile swings around a sideways move or a swing upwards towards the upper channel line, over the next few weeks.
With the global social economic looking volatile, as well as variable economic data, my guess is volatile sideways swings. Therefore I am neutral (staying out, cutting short positions, not taking long positions), until the upper channel is neared, then I will turn , looking for opportunities to go short.