Next WeekToday it failed the 19.25 fib level again like I spoke about in an earlier post (Fib levels) but now things have changed. The India news has helped change all that and 19.25 where it entered the long term oversold territory will soon be broken. I think this will happen next week and probably Monday even. A quick retest of 19 or 18.93 and up to break the 19.25 fib. Or it could just go up and break the 19.25 without a retest anyway. It seems clear to start a new up channel with a test of 20 next week. The algo traders don't seem to be there or at least they are not as obvious as they were before. Too risky for them now to try and control this.
I had sold out at 19.76 at a loss on the way down. Have half of my position back now and must get the rest back Monday. Got a feeling we are finally going to make some good money here and patience will be rewarded. Funny how the market was so fixated on just spot price which I can understand for just a deposit but not CCO being the best producer in my opinion. Good to see and good luck to all.
N3