Richard Perry
Independent Analyst
After the price almost flat-lined on Friday, the early pressure has been to the downside in Asian trading. This is now beginning to take its toll on the momentum indicators which are starting to take on a corrective outlook. The RSI is already at a two and a half week low, whilst the MACD lines are close to crossing over and the Stochastics are also close to giving a sell signal. The key level in the near term is now support at $1306. This level protects a top pattern from forming. This is shown more clearly on the intraday hourly chart where the pressure is growing to an extent where the price is trading below all the hourly moving averages, a near term recovery failed under the resistance at $1325, and hourly momentum suggests downside impetus is building. It would need a move above $1325 to suggest the bulls are fighting back toa want to prevent this top pattern formation. A breach of $1306 would complete a top that would imply $1281.
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