Pacific Radiance: Technicals still biased towards bearishness on three signs of weakness ( i) downward sloping resistance ( ii) negative momentum with MACD turning south again before making it to the zero line ( iii) volume analysis shows market more keen on descents than on ascents.
However, we do note compression of trading range with a slightly upward sloping support.
Break-out from support or resistance may come soon and is expected to be impulsive. Downward breakout is more likely, although prices are already at historical low.
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