BSL Weekly chart including today's Monday sessionTo see full...

BSL Weekly chart including today's Monday session

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A) Two candle reversal known as a piercing pattern. After a prolonged downtrend it's a bullish reversal signal if the green candle penetrates more than 50% into the red candle of the prior week. The deeper the stronger the signal.

But this piercing pattern is weak because it only closes a few cents past the midpoint of the red candle and also the green week has almost no volume in comparison to the red so the force of the move isn't strong.

B) However now volume picks up last week to make a doji with a long lower shadow which shows the sellers pushed the price all the way down but buyers came in to finish the week green. This is a sign the selling is may be losing steam and the momentum is starting to turn.

C) In A and B, despite the bullish attributes of the price action, the last three weeks still closed below the 200 EMA (green line). Today the price gapped up past this level and easily closed above it. If Friday's close is above the 200 EMA and we get a long green candle then this will be seen by many as bullish confirmation and a good entry point to go long after an exhausted down trend.

Also note that the RSI for weeks has been grinding back and forth over that 30 level during the downtrend and has only recently emerged from the oversold zone to point up. Stochastic is also in heavily oversold territory and will likely soon mimic the RSI.