Technicals | Apr 29 2011
By Rudi Filapek-Vandyck
For those still seeking an explanation as to why investor sentiment has once again lifted to elevated levels, the team of technical market analysts spells it out this morning; it's the weakening USD. This, the team suggests, is virtually guaranteeing the current uptrend for the likes of gold, crude oil and copper is going to last longer, taking prices higher from present levels.
In technical lingo this becomes: "long term uptrends are being extended".
The team predicts crude oil, as in West Texan Intermediate, is targeting US$116/bbl while for Brent the focus is on US$130/bbl.
Technical limitations
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