Richard Perry
Independent Analyst
After the consolidation of the past few days which saw successive failures to close above the key medium term resistance at $1240.60 there seemed to be a change of sentiment yesterday. After an early morning move through the resistance the new level seemed to be accepted by the bulls and this resulted in a close above $1240.60, which confirms that the recent recovery is on track. The positive sentiment has continued today with the price looking to now build on the new found positive outlook and push above the spike high at $1249.90. The next resistance is at $1260, whilst the next key medium term barrier is the resistance of the old lows around $1280. The daily momentum indicators continue to improve and the suggestion is that the move is gathering impetus once more. There is plenty of support now starting at $1245 and all the way down to the low in the consolidation range at $1231.50.
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