In terms of chart technicals, it's fairly solid here, IMO.
Notice how the inverted hammer a couple of days back led to two straight profit taking candles. Now we have a hammer. This indicates to me that it's likely to move up for a day or two...that candle itself can't suggest much beyond that timeframe.
There's a "confluence" of support below the price where the 20 day simple moving average sits near the fib 61.2 retracement level from the recent impulse wave, which is approximately where the price closed after piercing that level intra-day with that long price tail.
RSI is sitting at about 50, so it's neither overbought nor oversold. MACD has been improving since weeks before the possible bottom was put in - momentum is apparently shifting as the price range has flattened in the recent weeks. CMF agrees with the positive shift of sentiment as it is trending up over the last month, and there's plenty of (rising) volume to support these positive shifts in technicals.
The only hindrance that I see on the chart is that it failed to put in a higher high on the last push and the recent low was just hit (this could be the start of a descending triangle pattern). Thus, there currently is no trend as I see it.
Overall, I'm more positive at this level than negative. That being said, if 0 is extremely negative, 50 neutral, and 100 extremely positive, I'm at about 55 right now. Take this however you wish.
AI
