Looking at the price levels on the weekly, 4.47-4.48 represents a 50% reversal of the last range and 4.48 represents 38.2% reversal of the sideways to top range. Strong support.
It also hasn't broken through the weekly swing close log trend line, but that weekly candle shows a little hesitation. Next support area is just above the last weekly swing low of 3.75 at ~$3.85 which is 50% of the major range, 50 week MA, weekly swing non log trend line. I'd like to see it hold above the last swing because there's plenty of buying support, otherwise its in danger of going down to $3.10-ish. Major weekly close swing log, old tops, 100 week MA.
A high probability for a reversal if only short term and violent. The question is, is enough time been run off the clock to bring the market back into balance? Monthly says no. Weekly has a little more to go.
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