With the recent breakout from $440, the downtrend established since the 6th of Feb 2014 on the daily timeframe has reversed, forming a new uptrend on the 21st of May 2014.
However, the long term chart from April 2013 to now still shows a bearish structure with the possibility of establishing lower lows. The $625 to $650 & $700 level will be crucial resistance areas to watch for maintaining this structure.
Is it over yet? This overall downtrend could play out until July/August.
However, the long term chart from April 2013 to now still shows a bearish structure with the possibility of establishing lower lows. The $625 to $650 & $700 level will be crucial resistance areas to watch for maintaining this structure.
Is it over yet? This overall downtrend could play out until July/August.
