Technical analysis

Sure, let's perform a technical analysis on the chart provided:

1. Trend Analysis:

   • The chart shows a strong uptrend from December to the peak around late April. This indicates buyers were in control during this period.
   • Following the peak, there is a clear downtrend indicating a reversal, with lower highs and lower lows forming.

2. Support and Resistance:

   • Resistance: Around 44.6, where the price previously reversed. This could act as a barrier if the price approaches this level again.
   • Support: Currently around the 28.6 level, as the price is testing this as a potential support level. If it breaks, the next support could be lower.

3. Volume Analysis:

   • Volume spikes align with certain price movements. For instance, higher volume in April correlates with the peak, suggesting strong activity and potential reversal.
   • Decrease in volume during the recent downtrend might indicate weakening selling pressure.

4. Candlestick Patterns:

   • Observe for any reversal patterns like hammers or engulfing candles at key support/resistance levels for potential trend reversals.

5. Moving Averages:

   • Adding moving averages (e.g., 50-day and 200-day) can help identify ongoing trends and potential crossovers for buy/sell signals.

Overall, the recent price action suggests a bearish sentiment, but be watchful of the current support level and reversal indicators. Always use risk management when trading.

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