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Above 57.05 USD the major trend remains bullish. 63.22 USD and 64.77 USD are in the line of sight. The breaking of 57.05 USD would cancel this anticipation and favor a correction toward 55.51 USD.
Opinion Short Term
- Resistance 1 £63.22
- Support 1 £57.05
Opinion Medium Term
- Resistance 2 £64.77
- Support 2 £55.51
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. However, the RSI is in the overbought area and we can expect a technical correction in the short term. Also, the Stochastics are very high, which confirms the risks in the event of a violent reversal. The volumes traded are less than the average volumes over the last 10 days.
The commodity is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this commodity is reliable in the medium term. The first buy levels are on the supports situated at 57.05 USD, then at 55.51 USD; only the resistances, placed at 63.22 USD, then at 64.77 USD, could contain the prices.