It was interesting stuff as the bulls had a look at the August high before turning tail and letting this drift back a level.

The high was exactly at 2849 (we had suggested thinking in terms of a 2842 – 2849 resistance region after the 2842 high on Wednesday).

Stochastics have reached the overbought region and we’re glad to stay bullish here for the moment. But our tight stop at 2801 does seem well-advised given the strength of this latest confirmation of resistance. Note that there are “Evening Star” possibilities if this closes below Wednesday’s nearby Marabuzo line at 2796. We’ll continue to back the bulls at the current levels.

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R7  – 2956

R6  – 2913

R5  – 2895

R4  – 2876

R3  – 2864

R2 – 2849

R1  – 2835

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S1  – 2813

S2 – 2796-2801

S3  – 2786

S4  – 2770

S5  – 2742

S6  – 2733

S7  – 2710