The former resistance trendline drawn from May’s peak is currently under examination at 29.30 and a break below it could immediately squeeze the price towards June’s base of 28.55. The inclusion of the 38.2% Fibonacci retracement of the February-May upleg at 28.45 strengthens the region’s significance. Hence, failure to pivot there could prompt a faster decline towards the 50% Fibonacci mark of 27.20. Should the 27.00 round-level prove fragile too, the next stop could be around the 61.8% Fibonacci of 26.00.

With the 20- and 50-day SMAs posting a negative cross and technical indicators falling, a substantial rebound seems unlikely at the moment. Nonetheless, with the stochastic oscillator dipping below 20 into the oversold territory, downward pressures might not endure for long.

For the outlook to improve, the price must reclaim the 30.00 mark, where the 20-day SMA and the 23.6% Fibonacci number are placed. If bullish efforts prove successful, the recovery phase could expand towards July’s high of 31.73, and then up to the top of 32.49. Even higher, the bulls might peak around the ascending trendline drawn from December 2022 at 33.50 or near 35.00.