Richard Perry
Independent Analyst
The move above 109.45 yesterday gives us an implied target for the consolidation breakout of 110.65 which also coincides with the next key resistance from August 2008. The recent 4 week uptrend remains intact, with the support today coming in at 108.70. Momentum indicators remain positive although there is just a hint of the MACD lines threatening to roll over (this would probably be the first take profit signal, so watch this space). The intraday chart remains positive, although there is a very slight sense that the breakout needs to continue higher to sustain the bullish impetus. Yesterday’s high at 109.74 is the immediate resistance and if this is taken out then the upside will be once more open to 110.65. Initial support comes in at 109.00, and then 108.50 with the key near term support at 108.24.
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