Recovery Faces a Bearish Technical Structure
The breakdown from the rising channel, the rejection at the 200-day moving average and the subsequent lower swing high add to overall downward pressure. Consequently, although Thursday’s bounce suggests that support may be developing near $2.75-$2.77, a recovery into overhead resistance could attract renewed selling. A failure to sustain the rebound would reinforce the bearish outlook, while a move above $2.84 would provide the first signal of short-term strength.
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