A headline helped to break the previous support, now resistance, and led to a liquidation move back to the old support. There is a positive divergence that may play out
. However, it is better to watch on a smaller timeframe a reaction first before engaging on the long side. Watch for headlines. I won't be surprised to see attempts to stop the downfall especially when they price is at inflection points. The timing is impeccable.
One can see that the price is confined within a large range and offers advantage to active traders only.
This type of the market and price action has obvious benefits for traders who are patient and enter the market at major inflection points. This allows to ride the short term trend all day long to the next inflection point.
Short term note: Observe a new wedge that is being formed while having a positive divergence.