This is the hot topic of the moment, with massive moves seen in recent days. Clive appeared on CNBC on April 27th talking about the “Long Legged Doji” reversal that we’d seen on the 25th, and how this might be a “top in place” if we subsequently broke $41. You can check this out on our “Media” page here: http://www.futurestechs.co.uk/media.html

Below is today’s Commentary to our clients, which makes interesting reading:

From yesterday: “So we look good for further weakness in the short term targeting 37.565 next. We could even head back to 34.000, the 38.2% retrace of the rally since October 2008’s low of 8.40!!”

Erm…. Wow!!!

34.000 target hit, give or take the odd quarter of a dollar! What now?

Dip buyers should be buying NOW, looking for $34 to hold, as this is such a big Fibonacci level, but a safer trade would be to wait for a move back through 37.720 as this is our first bold resistance. Even then I would only “call” a move to 40.100, where the sellers could return.

Keep a tight stop on any long trades though, because below $34 we’d look for further liquidation similar to recent sessions, targeting 31.275 next, then 29.110.

Weekly Chart: