It is difficult to know if prices have found a bottom for now or not. Prices have been rallying since the early morning hours of the overnight session, but there was a large gap on the chart, and prices have now rallied and filled that gap only to find resistance at the price level. If prices can successfully breach that prices level, we could see the rally to the upside resume and prices start moving higher once again.
If that price level holds and prices cannot trade on through and move higher, we could see some more choppy sideways action or even another test of the recent lows. Prices actually just shot higher as I am typing this up, so we could see the rally continue. Follow the price action and stay with the trend as long as it remains in play but be careful when and if things get choppy and mixed, which I would expect to see some of that at times on most trading days.
For now, the trend and bias remain up.
