Decided I needed a better view of the action so I’ve drawn up this 10day chart (above) with key lines drawn in as best I can using the art package I use (gimp). (If anyone knows any proper charting software I could use instead I’d really appreciate the tip-off).
It looks like we are getting past the horizontal resistance at the $30 level, then the next target is the mid line of the channel which acts as resistance when we are under it and support when we are over it. We’ve tested that line 3 times since falling below it and it looks like another retest will happen today. If we can get above that I quite fancy the chances of seeing new highs soon, within the next couple of days. Otherwise we’ll probably become confined in a wedge between the bottom trendline of the channel and the horizontal resistance at the old high which should resolve itself one way or the other by roughly the end of this month.