After completing a topping process last year, in the near-term it still looks to have some upside for a trade.
It’s been coiling up for the bulls.
It hasn’t been this oversold since 2009 and there’s a good probability of bounces from here.
It looks ripe for a contrarian trade.
They’re acting strong and that bodes well for them into 2019.
It’s reached a crucial near-term level on the charts where upside momentum could accelerate from.
Last week it bounced off an area of support that active investors and traders can now use for a trade.
It’s deeply oversold and ripe for a bounce.
I think the reward to risk is increasingly favorable for a bounce.
It’ll likely have a hard time moving higher. Active investors and traders could now look to short it.