If the market breaks above the first (in blue), this will also mean that it has broken above the 50 (in red) and above the (in black). This along with a confirmed break above these levels would consider them new-found support creating a sign that the bulls may be back. These are all very significance levels of resistance at the moment, however, that the market has respected since January. This downtrend the market has been in is considered a retracement, and this is why I have drawn out the Fib Retracement. If the market finds resistance at where we are currently, we will see even lower prices. If we break above these levels of resistance, we very well could see higher prices very soon, as long as the market breaks AND CLOSES above these levels confirming them as new-found support.
The bears definitely still control this market at the moment.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***