Richard Perry
Independent Analyst
After three weeks of a sideways trading band, yesterday we finally had a breakout. This move above $1332 now implies a target of $1358. The move is also now confirming the break of the primary downtrend which has bigger long term implications. This is also backed by the longer term moving averages now advancing, whilst momentum indicators are looking strong. The overnight dip is forming support at $1335, but any move back towards the support now at $1332 should be seen as a chance to buy. There is further support at $1325 which is back inside the sideways band and any correction below there would probably now be an indication of a rejection of the breakout.
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