I have previously mentioned that this is near a major downward trendline. There is also a lower trendline which has the price on this tapering to a point. Price is looking more likely to breakout higher from here providing it breaks the resistance. If it does then we can look for a long after a retrace, keep in mind there could be a false breakout although with this being so close to the point I think this is unlikely. Either way confirmation of a rejection from the support level needs to be waited for.