find support at this key level or get rejected once more? The current rate is closing in on the 30 day TEMA
while it tries to break out of the upward trend channel. In mid-February we found support at this level but have been rejected just yesterday. The chart is also about to bump up against the big downward trend channel that has been a key resistance before. With 30 day, 90 day and 180 day TEMA
below the 200 day MA we have another signal for a relatively bearish
period that we are just crossing into. The MACD
on the other hand shows a relatively positive look into the future, yet I'm still bearish
short term until we get some nice distance from this big area of intersecting channels and resistance levels.