Although prices may stage a temporary bounce in the short term, overall, they have broken down below a three-month sideways range. This implies that the main trend is downwards. The moving averages are also in the process of turning down.
Selling pressure is increasing, as evidenced by the black candle days being accompanied by rising volume. So long as black candle days occur on high-volume days, prices are likely to remain under pressure. Support appears at $3.40 but this level may provide just temporary support. The one-year low is at $3.19.
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