After failing to post a convincingly close under 2.20 , a very strong technical and psychological support , prices have rebounded quickly and sharply almost 25 cts , breaking all overhead resistances . Downtrend lines and short and long ma´s resistances were also left behind on a move with good volume and increasing OI , showing that new longs are challenging recently added new shorts who sold short at market bottom.
A close over 2,38 (dec 2011 high) will start to scare the weakest bears , a close over 2,42 (2010 high) will make must of them cover shorts , possibly pushing prices on a quickly run to 2,50/2,55 , where fundamentals will impose next price move.
All graphical lines and technical indicators or oscillators supports this short term scenario.
Rgds
Alvaro
