The price breaks the support line of a pennant chart pattern. We have a signal that the market is going to move lower. MACD confirms downward movement. The next support zone is formed by 55.00, 50.00 support levels and SMA50, SMA100. Probably this zone will be a starting point for a new upward movement. We should watch closerly for price action at this zone and wait for price reversal signals. Based on these confirmed reversal signals we'll be able to open long positions.
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Nice analysis. My thoughts are pretty much the same. :)