Richard Perry
Independent Analyst
The bull rally has just run out of steam after having completed 7 consecutive days of gains. With the move seemingly continuing today, the momentum indicators are rolling over and pressure is beginning to be applied on support. Although there is no clear selling pressure being applied it is more of a slow a steady drift lower. The hourly chart reflects this loss of control that the bulls now face as the hourly momentum indicators such as the RSI and MACD lines are now facing far more of a corrective configuration. Also the last couple of days has seen resistance forming at successively lower levels and pressure being applied to the support band $1185/$1191. There are numerous support levels that have been left on the way up which could be tested should the support around $1185 be breached, with the main ones coming in around $1180 and $1159.65.
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