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The MACD has formed a higher low together with a higher low in share price last week. Momentum has clearly improved and we could have found a floor here, if not the bottom.
Closing at $1.25 in the last session meant that the resistance provided by the declining 50dMA was still valid. This morning, thus far, price action is flirting with this MA.
Could we see the share price closing above the 50dMA today? If it does, the 50dMA could be resistance turned support and price could go higher to test resistance provided by the declining 100dMA. This could be another good trade.
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