The technical picture is weaker than the sector. Quarterly momentum has fallen below a four-time tested support at the equilibrium line, suggesting that this is a meaningful breakdown.Any rebound is likely to be temporary, and is in reaction to short-term oversold pressures. Overall, the trend is down and prices are likely to test their December low of $2.10.
Whether this holds remains to be seen as the downtrend is likely to persist. ADX is rising from a low level, and the DIs are negatively placed, ideal indications of the continued decline. Rebounds will find resistance at $2.34.
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