The resistance that it has to clear is 13889. Notice that it rebounded from 61.8% retracement level. If it clears 13889, the Fibonacci objective level is 14240. That will be very close to the upper end of the downtrend channel.
The current trend is still down. But it has made a higher high so if it break 13889, it will make a higher low. This is positive for the market according to Dow theory. So maybe we are seeing a trend reversal. But it is safer to wait for a break above the downtrend channel.
The current trend is still down. But it has made a higher high so if it break 13889, it will make a higher low. This is positive for the market according to Dow theory. So maybe we are seeing a trend reversal. But it is safer to wait for a break above the downtrend channel.
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