Best Financial Markets Analysis Article The second half of last year was marked by quite choppy action, with nevertheless a clear upward bias. Recently this succession of rising highs and lows was broken, establishing a bear trend that looks to have further to go.

The Commodity Specialist view

WEEKLY CHART - CONTINUATION:

The 2009 recovery failed ahead of the 76.4% retracement and, now, the Jan break of the rising support line has put bears in control.

DAILY CHART – MAY-10:

The succession of rising lows seen over previous months was finally broken after failure of the 38.2% level and 137.50 04-Jan low.

This low remains first resistance, above which note the rising return line running close to 140.00 currently.

S/term support has come from our first support area of interest, the 130.55 61.8% pullback level and Fibo projection (1.618 swing off prior 137.50-148.70 bounce) at the same level.

Any bounce should prove temporary, ahead of lower targets. Note that the lower Fibo projection, 2.618 swing target, coincides nicely with the 61.8% pullback on the Weekly chart above.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

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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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