A well-formed up RSI trendline looking poised to break through a 2-1/2 month down trendline may be signaling an impending reversal of an extremely long price downtrend. Below 57.625, the next price support (nearby) appears to be at 56.5, which was established Aug-Sep 2005 ! (Oversold may be an understatement.) Nevertheless, one would no doubt be advised to wait for confirmation before committing to a long position. I'm thinking that a price move above 60.8, with RSI in an uptrend above the down RSI trendline would be reasonable confirmation.
