SE is near-term oversold on the daily and due a technical bounce that could test $100, though the weekly is not extremely oversold and it recently touched the trend line, so a further breach is possible; key Fibonacci support is 6965, where a strategy would add and await a retest for a return up.

Now, first off though, SE dropped 5.65% today. A decent decline. If we flip to the daily chart, last two trading days, pretty decent red candles closing right on a significant long-term inclining trend line.

But first, before we get into that, I want to bring your attention to this parallel channel. Notice how when price broke down through this parallel, we paused for four weeks, broke down, and this week that we broke down here on March of this year.

We didn't retrace this parallel until August of this year.

So, you can see, [clears throat] and you may anticipate these retraces to occur much faster. In a lot of cases, they do, but in this situation on the chart of SE, look how long it took for that breakdown to catch its footing and then gain traction and move right back up to the inclining parallel channel.

Now, notice I had two levels of resistance there. I had this pivot high from January of this year and the parallel channel, both of which worked like a charm. Look at that rejection like the Kimbeay Matumbbo from back in the day shaking that finger.

Uh uh uh not in that parallel channel today. instead coming straight down.

Now, near-term, this is an oversold situation in a time count due for a technical bounce that could take us back up to test the $100 mark. The one thing that's keeping me at bay is just it touched this trend line not that long ago now.

And also, we're not extremely oversold on the weekly. We are on the daily, but if you notice back here, we were decently oversold at 25.74 when price action really wasn't that far away from where current price is.

Now, that's some decent divergence, but that also tells me we could see a little bit more uh of a breach of that trend line, which is why I show this next very key level, Fibonacci level of support at 6965.

I'd likely plan in a strategy by getting in near the pivot lows, adding near 6965, waiting for price to retest what now could be the second broken inclining trend line on the chart to watch for a return back up to the scene of that trend line much like a dip and come right back up there and that could be your next upcoming trade.