Charting, page-159

Positives
Stoch 5 has /is crossing back above the oversold line
Stoch 14 has crossed above its sig line
The MACD appears to be turning up
The Histogram is trending up toward zero
The last two bars were at the highs. Both appear to show a rejection of the lower prices
The low bar for the week tested the long term support & rejected that.

Negatives.
After the rejection of the lows on the previous bar the follow through & close at the highs on Friday did not come with an increase in volume.
The Stoch 14 is below the oversold line
The stoch 5 avg line is below the oversold line.
There is an inside gap on the last bar that will probably close in the short term (52% have closed by day six.

Outlook.
While the worst appears to be over & the daily is showing positive signs of recovery, the last bar & volume does appear to show a lack of resolve by the buyers but that may just be an end of the week thing.
With the gap being present I expect to see that close in the short term before resuming the recovery.
Support is at 24.5. Short term resistance is 27 - 28 then on up around 30- 31.

Weekly
Positives
Closed in the top half of the weeks range & creating the long tail on the bar / candle.
Long term rising trend was tested, held & the lows rejected.
Low volume
Stoch’s are both very wide from their avg lines.


Negatives
Wide spread bar, high higher than the previous close and failed to close higher than the previous low
Stoch 5 is trending down & below 50 (in the bearish zone)
Stoch 14 trending down & below 50
MACD crossing below its sig line
Histogram trending down toward zero.

Outlook.
There are some signs that the selling & downward pressure may be coming to an end, the chart is not yet reflecting that on its main indicators.
The weekly charts take time to turn & it usually takes a few weeks for these indicators to recover after a major event such as we have seen on the last two bars.
So if contemplating an entry now there is still significant risk of the sp retesting the rising trend again (20) and potentially lower, maybe 18.5 over the next week or two.

The daily is clearly oversold & trying to rally but the weekly is not there yet.