Two unchanged daily closes in a row with prices overstretched at 5 month highs left Thursday’s signals mixed and neutral. These were confirmed, as despite posting a new top at 122.87 sentiment traded sideways for a 3rd little changed close. Trend signals remain weak, but the lack of any profit taking selling and a trend of higher daily lows leaves Friday’s signals cautiously bullish and the call is to buy just modestly on the open and then at 122.24, Wednesday’s low with a stop loss at 121.00, Monday’s Marabuzo line. Targets are to 122.95, 123.36, July’s top and 124.59, the 200 week average rate.
Gradual Gains to Continue
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