Technical Report:
We saw another huge range yesterday that reversed the vast majority of Tuesday’s fall. It took until the very end of the day to break above yesterdays high but when that was achieved we very quickly ran up through the 14 and then 9 day moving averages. It is interesting to note that the past two days and so far this morning’s activity has all been inside Tuesdays range, implying that the direction of least resistance from here is down.
The short and medium trends are sideways while the long term remains bullish.
Support: $140.51 (14 day moving average) Resistance: $146.69 (all time high)
Support: $139.32 (high of 16/06/08) Resistance: $142.90 (high of 08/07/08)
Support: $138.12 (high of 06/06/08) Resistance: $142.41 (yesterdays high)
Summary:
This market had a very heavy feel about it particularly based on the fact that it wasn’t rising on the back of bullish news. MEND (The Movement for the Emancipation of t he Niger Delta) had called an end to their ceasefire while Iran and Israel are continuing to threat en each other with a strong reaction if one was to attack the other. Technically we had failed to break below the $135.50 support level and as fresh shorts had entered the market, this bullish scenario began t o take effect and a wave of short -covering lifted prices. At the end of the day when Thursday’s high was broken we saw many buy stops hit and we hit a bit of a price vacuum to close up near the day’s high.
11-07-2008, 03:06 AM
رد: ورشة المعادن و السلع 
رد: ورشة المعادن و السلع 
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