The market was extremely quiet, and that always makes it difficult to chose a side. Even when we have moved from 13.80 area, the market so far remains non committal to a decisive move downwards. The rumors being government intervention behind the move, and fundamentally economist still worrying strongly about inflationary pressures. Short-term market is mixed, but only long-term conditions are very overbought, but suspect we see higher first,
The short-term technical picture still suggest upside potential. The MA-10 vs. MA-30 still positive, and the stochastic albeit negative seems to point upwards.
We have supports below 12.30 and next 11.30, and resistance 14.08 - 14.25 and then 16.30.
I remain being long 13.50-13.90 (and below) but placing stop below 12.30 for now and profit objective 16.00.
The short-term technical picture still suggest upside potential. The MA-10 vs. MA-30 still positive, and the stochastic albeit negative seems to point upwards.
We have supports below 12.30 and next 11.30, and resistance 14.08 - 14.25 and then 16.30.
I remain being long 13.50-13.90 (and below) but placing stop below 12.30 for now and profit objective 16.00.
Comment:
stop-loss updated to 12.60 for now.