Andrewe
just have a quick look at teh past 6 weeks,,it been higher highs and higher lows,, - thats the short term T/A
The 3 month down trend was broken with mondays rise above 21.5 but the uncertain market(s) suggested playing the fade of the b/o which has occurred and may take a few attempts to break through 26 now.
The retrace to 17.5 is, as 9L suggests, a support marker that needs to be tested in order that a new support is confirmed before the next upleg,,, assuming a positive news stream,,which i'm banking on now that everyone is irrate, lol.
Alot happening,,this is a news flow trade for me on the back of bullish copper & oil charts.
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