Price is currently trending down at ~$112.13 after getting rejected by the upper trendline of the ascending channel from October 2008 at ~$114 as resistance and forming somewhat of a Double-Top pattern as a result. Parabolic SAR flips bearish at $110.20, this margin is neutral at the moment. RSI is currently trending down at 53 after being rejected by 59.17 resistance for the second time in one week. Stochastic remains bearish for the third consecutive session after crossing over at 51 resistance and is currently trending down at 33, the next support is at 24.14. MACD remains bearish after failing a second attempt at a bullish crossover and is currently trending down at 0.78 with no signs of trough formation as it approaches 0.65 support. ADX is currently trending down at 22 as Price is beginning to fall, this is neutral at the moment.
If Price is able to bounce here then it will likely aim to retest the upper trendline of the ascending channel from October 2008 at ~$114.50 as resistance which would coincide with $114.63 resistance. However, if Price continues to breakdown here, it will likely retest the 50 MA at $110 minor support. Mental Stop Loss: (one close above) $113.32.
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