Monthly Chart

Pattern – price looks to be in a corrective rally within an overall downtrend. Looking for one final sharp rally to put some doubt into the minds of the bears before the downtrend resumes.

Bollinger Bands – price has been finding support at the middle band and I expect that to continue here.

PSAR – indicator in a bullish position with dots under price and could be used as a stop loss. Currently at 74.20c and climbing.

Fibonacci – price found support at the 76.4% angle two years ago and I expect the final rally high to be up around resistance from the 61.8% angle. Let’s see.

RSI – generally trending up.

Horizontal Lines – denotes resistance from previous lows at 86.60c and 88.48c. I expect price to test these levels and probably trade marginally above.

Summing up – bullish over the next few months, looking for a move up to around the 90c level.

By Austin Galt

www.thevoodooanalyst.com

Austin Galt has previously worked as a stockbroker and investment banker while studying technical analysis for over two decades. He is also the author of the book White Night: A Colombian Odyssey

Email - info@thevoodooanalyst.com

My website is www.thevoodooanalyst.com

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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