The price even traded below the $52.00 support and the 50 hourly simple moving average. A swing low was formed near $50.20 and later the price corrected higher. It climbed above $51.20 and tested the 38.2% Fib retracement level of the recent decline from the $54.48 high to $50.21 low.
However, the price is facing a solid resistance near the $51.80 level. There is also a major bearish trend line with resistance near $51.85 on the hourly chart.
Therefore, it is very unlikely that the price could break the $51.80 and $52.00 resistance levels in the near term. The main supports on the downside are at $51.20 and $50.80.
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