The daily is looking like a large descending triangle now. We broke bearish yesterday out of a 10 day ascending triangle formation that started on the 11th. I’ve been generous with the top sloping resistance for our descending triangle because I believe we won’t break it for about 10-14 more days (assuming we break it bullish at all). I’m hoping for a retest of the top of the triangle or the red resistance box between 78.96 and 80.91 this week but I expect the test to reject so we can get one more small red candle on the weekly. RSI is sitting at 49 and declining. MacD shows bears are in control currently but not by a lot. Volume is LOW which means price can swing quickly. 12MA is about to cross the 26 bearish. 50 and 200 MA are farther away then bulls would like. 200 ma is now sloping up which is a change that has happened in April. This is another solid sign that we might continue bullish long term.
