As we can see in the daily chart, the bearish rectangle has formed over the past two months. Today the price breaks down the low trendline of the rectangle, thereby confirming that the bearish consolidation phase is over, and the bearish downtrend has resumed.
On the technical side, the RSI has been an accurate indicator of market strength. Over the past two months, RSI also formed a trend, which is broken at the moment. Volume is subdued with clearly diminishing interest in buying the dip.
On the technical side, the RSI has been an accurate indicator of market strength. Over the past two months, RSI also formed a trend, which is broken at the moment. Volume is subdued with clearly diminishing interest in buying the dip.
