The negative divergence between price and quarterly momentum that started in January may finally be leading to some downward pressure on prices. Quarterly momentum broke below its own moving average and a minor support at the beginning of the month.
ADX is falling and the DIs are turning negative — indications that prices are in a corrective phase. Increasingly, prices look set to correct downwards rather than sideways. The 50-day moving average at $1.69 provides momentary support, with better support appearing at $1.65.
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