21:06 UTC
Downtrend, corrective bounce · RSI 46 · price 59.671
Lower highs/lows, rebound off 54.80.
Multi-month downtrend from the ~$89 March peak, price trading below a falling EMU(50) with a chain of lower highs and lower lows into the $54.80 December low. The last four sessions produced a ~7.5% safe-haven bounce to $60.94 but momentum stalled beneath the $60-61 ceiling, with the recovery now consolidating around $59.67. The rejection sits below the 50-day area near $67.17, which remains a distant cap while price holds under EMA(50).
Support: 58.45, 54.80
Resistance: 60.94, 67.17
What it said to watch
- Daily close above 61 opens the path back to the 50d sma / 67.17
- Acceptance below 58.45 negates the bounce and reopens the 55.00 area
- S&P Global PMIs Fri could shift yields and this read