Richard Perry
Independent Analyst
In the past few days there has been a slight drift lower, which is a very similar price reaction to the previous spike higher two weeks ago.
However, consolidation is now coming at the resistance of the key downtrend that dates back to 2012. This suggests there are two conflicting time horizons impacting the price now and makes it difficult to call. I am still of the belief that the medium/long term bears are in control until a breach of the key October high at $1255.20 and until that is seen this could be simply a bear market rally. The near term outlook has just hit some consolidation with a drift lower on the intraday hourly chart which shows a hugging of the falling 55 hour moving average now and a reaction high at $1231.30 in place. There is the support of the old breakout levels now being tested, with the psychological $1200 support also back in play, however the near term rebound is still in play until a breach of support at $1186.10.
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