C $53.41: 2-1/2 month rising trendline underpins further upside
C rebounded off the 52.25 minor double bottom (April 21/28, 2015) near the 2-1/2 month rising trendline through 53.46 (April 21, 2015 range high) to signal basing and offer scope for further gains towards 54.72 (March 12, 2015 high) ahead of the 56.95 peak (December 8, 2014). Clearance above there would confirm a higher base over 45.18 (April 17, 2014) and extend the uptrend towards 58.37 (Fibonacci projection) then 65.50 (January 12, 2009 weekly high).
52.25 serves as the immediate support. Only a break below the latter would caution for prolonged consolidation and expose the 50.47 low. (March 23, 2015 weekly low).
Outlook:
Short term: bullish
Long term: bullish
52.25 serves as the immediate support. Only a break below the latter would caution for prolonged consolidation and expose the 50.47 low. (March 23, 2015 weekly low).
Outlook:
Short term: bullish
Long term: bullish
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