The price is sitting on a beautiful long term trend line ! Should we clearly break the down trend line to the upside, it is my opinion that prices should move much higher over the next 6-12 months ! Just my opinion :)
Long term down trend broken to the up-side! Should move toward 95-105$ area over the next few months
I believe me might see a bit of a move higher soon and then probably retesting the support level we would be come crucial again!
Price just bounced off of the support area! I am not sure if it is just a bounce of something more permanent! My guess is we will retest this support in the next couple of days or weeks!
Trend lines and arrows show resitance and supports !
A clear break of the up-trending line should induce a move much lower!!!! Be careful! Maybe time to take some nice profit and stay on the sideline for a while
The index is reaching a previous level of support( even though not really strong) but with oversold condition, this might create a short term push-up for day traders! For long term investors, I am not sure that this market is finished to correct deeper! Be careful and stay safe!
Price is close to a confluence of support from the horizontal line and the long term up trend line ! This area should provide some solid support, at least for now ! Might be time to consider to add or create a small position for a potential sharp bounce!!