The move occurred on high volume, as momentum was bearish and indicated by the slow stochastic and MACD oscillators. These signals indicate there will be more room to the downside to the 132- 09+, 132-02+ and possibly 131-26 support levels. However the slow stochastic oscillator approaches the oversold region, suggesting that in the near term there might be a bounce to the gap area or consolidation within the 132-15 to 132-25 range, as the price found support at 132-17.” Bondar adds.
Overall, “there seem to be more room for a downside move to 132-09+, 132-02+ and 131-26+ once the price finishes its consolidation in the 132-15 – 132-25 range and breaks the 132-15 support level. The main stipulation to this trend would be a close above the 132-28 mark.” Bondar warns.