The trend is still very much downwards despite a possible rebound in the near term. Resistance has been established at 53 cents, a level that was once support and breached in early August. Even then, this counter’s downward momentum is not as strong as it is for the sector.
Indicators are mixed, with quarterly momentum set to fall. Twenty-one-day RSI is attempting to find support. The mixed state of the indicators will keep prices within a tight range, between 50 and 53 cents. A break below 50 cents would indicate a new downside, and this needs to be watched.
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