The technicals are atrocious right now - RSI and MACD are really low, the Bollinger Bands are really wide, and don't get me started on the DMA and EMA supports. Big dive in premarket does not portend a good day for longs.
I think I picked the wrong week to give up sniffing glue. Anyone want to go for a beer? I'm buying!
RSI always is low before it turns up. This one is about as low as it can go right now. Same with the MACD. MACD histogram is beginning to move back up, signaling we are near or at the bottom. However, may be another day or two. Next support is around 18.50, below that 16.38, but my guess is we end up around 18.50 today with the markets being negatively biased. For those that think this is going below 16.38, I wouldn't count on it. Shorts should probably begin trying to cash out between now and then and then reverse and take profit back up, because that's where it will be going.