The primary trend is still down, the price has just rejected the 50 -day (twice) and it is now breaking support provided by the recent – all suggesting the next move is down.
However, it’s worth considering the possibility of a rally if the price finds support between the lower band (around $198) and the well supported low at
$192. Dramatic squeezes often begin with a tag of the opposite band – as we saw in early September when the price tagged the upper band before falling sharply. Will be watching price action and carefully in this area.