The price has been consolidating now between 108.24/109.45 for over a week. We should wait to see where the breakout moves, but with the bulls in control and momentum just unwinding an overbought position, the expectation remains for an upside break. The support of a 4 week uptrend is approaching and there no real signals suggesting an imminent correction. This would suggest that even if there were to be a slight breach of the support that the bulls remain in control and are likely to come in to buy once more. I still see the ideal entry point for long positions around 107.50, but this may begin to move higher as the consolidation runs. The intraday chart shows little real selling pressure and the old support around 108.50 is being used once more over the past couple of days. Ultimately I expect to see 110.65 tested in due course.
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