There is reasonable risk here for CCJ for more downwards movement.

Summary: A new low below 6.52 would indicate a bounce may be over. However, expect more upwards movement for the short term while price remains above 6.52.

MONTHLY CHART

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For the short term, at least CCJ has found a low. Volume remains heavy. Although volume declined for April, the decline is slight.

RSI is neutral. There is room for price to rise or fall further.

WEEKLY CHART

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A decline in volume and range for this bounce suggests some weakness. This should be viewed with suspicion.

DAILY CHART

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Conditions are overbought, but divergence is weak. At this stage, there is no bearish reversal signal; it would be safest to assume this upwards trend remains intact, but weakness in volume and range suggests it may not continue for much longer.

Published @ 12:00 p.m. EST on May 3, 2020.

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Careful risk management protects your trading account(s).

Follow my two Golden Rules:

1. Always trade with stops.

2. Risk only 1-5% of equity on any one trade.

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New updates to this analysis are in bold.