It looks a bit trickier than the ones I have posted so far, I try to make them fairly clear, with an obvious clue as to what will likely happen.
It appears like it has some supply issues, with a series of supply bars.
Supply definitely came in mid September, which caused price to come off, but not as much as might be expected.
There are also a couple of attempts to support the market at 40, but the response has only been mild so far.
And price has not broken down substantially at all yet.
So there is quite a fine balance between supply and demand, with an attempt to consolidate the ongoing supply coming in.
The sellers are probably holding the upper hand (slightly), at this stage.
I expect price will continue sideways in the near term.....and would wait for further price ation to tell me which side will win.
I would be watching for a clean and clear break below 40 with increased spread, which may cause price to breakdown, and a possible downtrend to develop.
And opposing that, I would only be interested in buying it with a clear break above 44 for a possible new breakout.
