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Above 263.24 USD the major trend remains bullish. 295.89 USD and 304.06 USD are in the line of sight. The breaking of 263.24 USD would cancel this anticipation and favor a correction toward 255.08 USD.
Opinion Short Term
- Resistance 1 £295.89
- Support 1 £263.24
Opinion Medium Term
- Resistance 2 £304.06
- Support 2 £255.08
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. We can see that the bullish potential of the RSI has not been exhausted. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are less than the average volumes over the last 10 days.
The commodity is in a phase of technical recovery. It is above its 50-day moving average but the latter is poorly positioned. In the event of a correction, the first support is at 263.24 USD, before a test of 255.08 USD in the case of a breach. To the upside, the resistance at 295.89 USD is intermediary before the strong level of 304.06 USD.