FCPO 3rd Month Contract - End of Downtrend?

FCPO 3rd month contract has been in a downtrend since early Feb 2017 making lower highs and lower lows and containing its price action below its 20-day sma until May 2017 when it started to go above its 20-day sma. It stayed above its 20-day sma until the last week of May 2017 where it traded below its 20-day sma line again.
Recent price action showed FCPO briefly broke below its Apr 2017 low but quickly closed above it the next day followed by a long bullish candle to create a false break. At the same time price formed a bullish divergence against MACD where price made a lower low but MACD traced a higher low. This is a technical clue that FCPO downtrend could be ending and its price could be heading higher.
FCPO 3rd Month Contract Daily Chart

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