Your trendline should really be drawn on a logarithmic scale... that, coupled with the swing high around $300 and 200-dma, a close above $305 on the daily should mark the end of the downtrend if there is follow-through.
Log long term downtrend (330-350) is next target on breaking this one. However no. Daily Sma200 is next (290).
Sma200 and log downtrend form a significant resistance levels. Market will need a lot of momentum and time to break them I suppose.
I turned a bit optimistic because of:
1. Daily BB collapsed suggesting start of significant short term move.
2. Price went to its positive territory.
3. Daily adx also collapsed pointing to start of something point.
4. Weekly Bb collapses suggesting start of significant midterm move. Yet price is still in negative zone.
5. Daily and weekly macd show some sort of bullish hook last days.
So both short and mid term indicators shows some development in final stage, while macd hints it may be bullish. And then price tries to break not a small downtrend line. Another hint? Let's see.
In a bullish scenario there are a lot of resistances in 250-350 area:
* daily sma200
* weekly sma 10,20
* weekly upper bb
* long term log downtrend line
And I recognize them as hard. First and last are most hard. Trend may easily reverse on them.
So here is my small brainstorm on this situation.
