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On the daily chart, note the following:
-- Prices have broken through upside resistance from the downward sloping upper line of the triangle consolidation pattern. However, they haven't done so convincingly. Instead we see two hammers; the first is upside down and the second is right side up. The difference between opening and closing prices is very small. This indicates there is a lack of conviction.
-- Prices are above the 20 day SMA.
-- The smaller SMAs are below the larger SMAs
-- The 20 and 50 day SMA are heading lower
-- The 10 day SMA is turning positive.
-- The chart is technically oversold
Bottom line: short term indicators are bullish: prices are above the 20 day SMA and the 10 day SMA is turning positive. In addition the market is technically oversold. However, the longer SMAs are still negative -- the 20 and 50 day SMAs are heading lower.
