Price did not develop as per our preferred path during last week and broke through the downside of our ascending price channel
. This makes us feel less comfortable although the critical supportive level of 450 remains intact for now. However, with the price making a move down last week we will only start feeling more comfortable if price breaks the 480 level and settles above decisively. For now price is rather in an area that is probably best described as 'the jungle from where we do not see the exit' and we should rather hold back for now and see when price gets out of that jungle and, especially, on what side.