50-Day Average Becomes a Key Test

If Tuesday’s high leads to a break above resistance and confirms the formation of a higher swing low, the first notable test of support at the 50-day moving average will have been completed. After reclaiming that average in August there was one quick pullback to test it as support, but the current pullback is a wider swing and carries greater significance.

The successful defense of the 50-day moving average, combined with support at the August swing high and the rising trend channel, adds weight to the underlying strength suggested by the bullish structure. For now, Tuesday’s low at $88.66 is the key reference point, while a move above Tuesday’s high would provide the confirmation needed to turn this potential pullback low into a more meaningful bullish reversal.