A lot of effort has been made to pass the resistance (see the volume of the last 3 days and compare it with the way traveled by the bulls) but it seems the bears are taking over the market. This downward leg might be a correction to the newly established uptrend, or there is no such trend and this is the continuation of the bear market. In either way, this trade should be profitable.
Order cancelled:
The idea might hold true, but the fact that today's close isn't low enough renders this commodity below my standards to trade.