Repeated failure at 200-DMA in second half of April followed by a break below 50-DMA yesterday indicates bears are on control and the prices could drop to 430-420 levels in days ahead.
Daily RSI, at 42.00, is pointing lower and indicates room for further fall in prices.
However, traders need to watch out for a possible rebound from anywhere between 430 to 420 levels. More so because hourly RSI is oversold, while 4-hr is fast approaching oversold territory.
Consequently, a rebound from range of 430-420 could end up in inverse head and shoulder formation with neckline at 476 levels.
If the above action unfolds over the next week or so, the neckline would coincide with falling trend line resistance as well.
On the other hand, a break below 420 could spell trouble for bulls and expose 400 levels.