After the dump we have been forming a text-book "bear flag" with a local slight uptrend. Breakout to the upside is not impossible, but the bulls have made no legitimate attempts at claiming back any local or weekly supports at the 3600 range. We also don't have any strong support at these levels, which means that the dump is easy to produce, even at the low volume
levels that we are currently at. We might even go through the yellow support line that is my target right now and test the 200WMA again.
is looking to break out later today, and my estimate is that the breakout will be bearish
, resulting in a second dump to the next weekly support.
The future closings have generally created a bullish
movement (6 out of 10 last times), but the last 3 times have created a bearish
movement. My belief is that the future closings will accentuate the current trend. In that regard technical and fundamental analysis