(Click on the attached Daily Chart to enlarge it)
I reckon tha the attached chart is too small, but what I´m aiming here is to show you the main patterns I see from November 2008 to current:
* Even though prices were locked, since around June 2009, in a major Trade Range (from 127.02 to 138.70), they were inside of a Major Bullish Channel.
* A break down of the Lower Trendline of this Bullish Channel on Nov 25th and the fact that prices got back into this Channel last friday shows a significant False Breakout, strongly favouring the Bulls.
The main question for the following couple of weeks is: will prices remain inside this Trade Range or will they chase the Upper Trendline of this major Bullish Channel?
Keep in mind that some Bearish retracement/correction is expected...
I´ll enter LONG at the following levels:
* Supports 134.30, 133.50 and 133.06.
* Broke resistances (wait for a pullback to them or close by...) 134.63, 135.00, 135.35 and 135.74 and 136.07.
* If the final resistance 136.07 really gets broken up, this might push prices up to the final resistances at 138.35 and 138.70.
* The 138.70 is the top of this major Trade Range. If this level also gets really broken up, Bulls might get unleashed to the top of this Bullish Channel or up to the next important resistance at 147.50.
