Update for: 2011-11-14 - 2011-11-20
Posted on: Sunday, 13 November 2011 16:25
Short-Term Trend: weak downtrend
I was bearish expecting a move down three weeks ago. However, there was no follow through selling on the downside when the prices broke below the 76.40 level. Instead we witnessed another sharp move higher (probably due to a currency intervention) all the way up to 79.52. Like all other similar moves higher, this one was not sustainable as well and the prices quickly started to retreat. Right now the prices are firmly below the 100-day moving average and the fact that the recent rally was capped by the 200-day moving average is a strong reason to believe the daily trend is still down. However, this downmove has become quite difficult to follow as it is extremely choppy. I retain my long-term target at 68.70 and the short-term target at 74.50 but from a trading perspective prefer to be more neutral.
Strategy: Stand aside.
Next Update: Sun, 11/20/2011.
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