Update for: 2012-05-07 - 2012-05-13
Posted on: Saturday, 05 May 2012 21:57
Short-Term Trend: sideways
The only positive thing that has left here is the fact that the prices are still abv the key 79.50 level. Unfortunately that's the only thing the bulls (me among them) can point out at this stage. Everything else is either neutral or negative on the daily chart. So, I will continue to chase the upside only as long as 79.50 level holds. Should this level gives way, I'll become neutral.
On the upside, only a move abv 81.80 will negate the current downtrend from this year's top and will suggest that our bullish analysis is indeed unfolding.
Strategy: Holding long from 81.30 is still favored against 79.50.
Next Update: Sun, 05/13/2012.
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