Richard Perry
Independent Analyst
The incredible bull run just shows no sign of stopping. In fact in the past 24 hours the bulls have had renewed vigour and the rate is accelerating higher. The 161.8% Fibonacci projection target at 119.07, which is derived by the rally of 101.49 to 110.08 measured from 105.18, is now seemingly just a matter of time. The momentum indicators remain incredibly strong, albeit stretched. There is little that can be levied against the bulls at the moment with momentum so strong. At some stage there will be a time for profit-taking but in times like these, with such little resistance to hold it is difficult to do much other than back the run. Initial support in the run comes in at 117.53 and 117.00.
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