Weekly Chart Analysis
The regression channel is still bearish and both my short and long term DMIs are also still bearish. Until at least the short term DMI crosses to the bullish side, I don't really expect all that much multi-week upside.
Having said that, the short term D+ is clearly crossing up towards 20, at least for now. So in the short term, we could get a bit of a bump up. As long as we are in the lower regression band, I'm actually more interested in longs for longer term holdings.
I rejection at the mid regression level around 38ish might allow me to go short again, but the daily chart suggests resistance could be even earlier (35-36.50) if the upper bearish regression channel level there holds. If that level clearly breaks, we could see a run at 50-55 which will likely take until the end of the year. Fundamentally, I'm still not a huge fan of longs though, so I fully expect more hovering or even downwards pressure until this changes.
Daily Chart Analysis
I'm not a huge fan of going long right now because the daily chart suggest upside is likely capped by the upper regression level in the near term...so around 35-36.50, or if it overshoots, 38ish according to the daily chart. That's assuming the Jan 2009 low point at 32.70 doesn't already prove to be too much resistance.
Since we're in the upper regression channel area already, (orange), I'd wait to enter longer term longs until price retests at least the regression channel mid level. Depending on how long that'll take, it could be anywhere from 25 to 28.50ish. Obviously a break of that level would be pretty horrible for bulls with tight stop losses as a run at 20-22 isn't unlikely if that happens.
The short term DMI is now bullish and the long term looks like it could potentially prepare itself for a bullish cross too. Obviously further downside isn't totally unlikely until that happens. DI- of the short term DMI is at around 17, so it wouldn't take much for things to turn bearish again.
The regression channel is still bearish and both my short and long term DMIs are also still bearish. Until at least the short term DMI crosses to the bullish side, I don't really expect all that much multi-week upside.
Having said that, the short term D+ is clearly crossing up towards 20, at least for now. So in the short term, we could get a bit of a bump up. As long as we are in the lower regression band, I'm actually more interested in longs for longer term holdings.
I rejection at the mid regression level around 38ish might allow me to go short again, but the daily chart suggests resistance could be even earlier (35-36.50) if the upper bearish regression channel level there holds. If that level clearly breaks, we could see a run at 50-55 which will likely take until the end of the year. Fundamentally, I'm still not a huge fan of longs though, so I fully expect more hovering or even downwards pressure until this changes.
Daily Chart Analysis
I'm not a huge fan of going long right now because the daily chart suggest upside is likely capped by the upper regression level in the near term...so around 35-36.50, or if it overshoots, 38ish according to the daily chart. That's assuming the Jan 2009 low point at 32.70 doesn't already prove to be too much resistance.
Since we're in the upper regression channel area already, (orange), I'd wait to enter longer term longs until price retests at least the regression channel mid level. Depending on how long that'll take, it could be anywhere from 25 to 28.50ish. Obviously a break of that level would be pretty horrible for bulls with tight stop losses as a run at 20-22 isn't unlikely if that happens.
The short term DMI is now bullish and the long term looks like it could potentially prepare itself for a bullish cross too. Obviously further downside isn't totally unlikely until that happens. DI- of the short term DMI is at around 17, so it wouldn't take much for things to turn bearish again.