Slowly but surely basing. We got to 45.22 and now forming a triangle. Whether it will stay within the confines and break out or break down again before breaking out remains to be see. That 47.50 area needs to be captured before it can try and head further up. It is likely that a reversal like the one we saw a couple of years ago is in the cards.
Comment:
SInce the last update, we got the break down prior to the break out. We broke down, tagged the 1.272 extn at 45.07 tried to get above 46.36 and then got sent back down to retest the lows. Whether or not this low holds or not will remain to be seen. To make it simple, lets just say that it needs to get above - 46.76 to even attempt the 49 area. ( It seems a long way off.)