Quarterly momentum has started an early positive divergence between itself and price, and a temporary rebound is underway. Although it is premature, the chart pattern could start to resemble a base formation. If so, the neckline appears at the 65-to-66-cent level, which takes prices above the 50-day moving average.
Support has now been established at 60 cents. A break below this level negates the base formation.
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