As per our long term technical analysis note on 04-February 2020 it appears that the long term bear trend has begun. It should be noted that the MNP’s Relative Strength Index has now shifted into a weakening trend, and is trending lower with a 40 print, the lowest level since 2009. I don’t believe this means it is oversold, rather that it is a long term weakening trend.
In the short term, the rounding top pattern we highlighted last week has broken down as in a mirror image of the period seen from May to August 2019.
For traders looking at a short term rebound opportunity, the 250-245 level potentially offers a short term support zone.