Pivot: 1272
Our preference: Long positions above 1272 with targets @ 1434 1485 in extension.
Alternative scenario: Below 1272 look for further downside with 1235 1180 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The 50-day moving average is rising and is supporting the commodity in a bullish trend.
Supports and resistances:
1522
1485
1434
1312 Last
1272
1235
1180
Copyright 1999 – 2014 TRADING CENTRAL