that blue fork is defining the minor uptrend, and the recent slight breakdown of it
that big black diagonal coming down from above defines the long term downtrend but IMO its not massively powerful in that its based only on two pivots nevertheless, we're in a downtrend
the bold red horizontals are mark offs of top and bottom of the most relevant high vol bars in this price range there are a couple higher vol bars but they're alot higher in terms of price and not relevant at this point
HR fail as pointed out on chart
you can see very clearly the SP is being dictated by those red horizontal support resistance lines and very much by the blue fork and warning lines derived from it
in terms of indicators, the RSI is travelling within a range that suggests a bullish stance although the sideways movement of the stock belies that
MACD is about to put in a crossover, but IMO its a weak signal as occurring around the zero line, ie mid range if it was occurring way below the zero line would be bullish as indicate a change in trend from "oversold" state
had a failed test on thursday after what looks like a weak upthrust
now, next couple days the convergance of the lower tyne of the fork and the downtrend line are coming into play.(red / pink elipse).
if the SP can react around there and get back up into the body of the fork, above the lower tyne, would be a great sign for a move towards an uptrend.
however if the SP is rejected around that area or else doesn't bother testing up there then you'd look for support on the blue dashed warning line immediately below and thereafter the red horizontal below that
considering the broader market is due for at least some testing downwards I'd be expecting a move down towards those two levels of support I mentioned above
