A W-bottom pattern might be developing. A price action 53.50 supports a bullish trend direction. Crossing below this level will negate the bullish stance. Further bullish trend support above 55.00. Consolidation from 54.50 to 56.00. Crossing above 56.00 might target 58.00. Crossing below 54.50 will be the first sign of weakness. MACD crossover (lower panel) supports a bullish trend direction.