(Click on the Daily chart to enlarge it)
I know it is not my intention here to make long-term analysis. After all, I am a Day Tader.
But take a look at this attached Daily chart from Jan 2007 to current. It shows a beautiful Broadening Wedge Descending as a reversal pattern. And the Stochastics making higher lows while prices make lower lows (Bullish divergence) favours a possible major reversal pattern.
Obviously I won´t fight against the current short-term bearish trend, and will try to ride it.
But I will keep in mind this reversal pattern and will look with extra care for the support levels: 89.71, 88.45, 88.00 and finally the Double-Bottom at 87.14.
If prices break up the 90.22 I will enter LONG, and will add lots at the break up of 90.50.
Other than that my strategy is to SELL SHORT at the following resistances: 90.22, 89.70 and 89.52
