On the daily chart, we see breach of the rising trend line followed by a sideways channel. The RSI too is in a sideways channel, however, the DMI now shows a bearish crossover, which suggests heightened odds of prices breaking below the recent low of $55.01, in which case the support at $53.60 (Jan 10 low) could be put to test.
On the higher side, a break above $56.41 (Thu’s high) would expose upper end of the channel.