Meanwhile, the MACD paints a grim picture.
The MACD line has reached a low of 0.5244, while the signal line is at 0.2980. The relative strength displayed by the histogram continues to be negative at -0.2264 thus supporting the bearish outlook. The widening gap between the MACD and signal line highlights accelerating downward momentum. Based on the current market action, a confirmed reversal will require RSI to move above 30 and MACD to begin convergence. Until then, the prevailing trend remains bearish.