WEEKLY CHART:

The recovery seen earlier this year came to a halt close to the 101.66 61.8% retracement.

Currently a recovery above the main falling resistance line, and then 97.78 Aug high, is needed to clear the way for any longer term bulls.

Meanwhile the market is trying to find s/term support at/above the 87.11 low.

DAILY CHART:

In the Commodity Specialist Guide we had a Fibo projection around 88.00 (1.618 swing off prior 91.72/97.78 upswing) which has provided good s/term support.

Our initial bull sign was to be a close above the 90.30 23.6% level, which has now been seen.

We also note a recent positive RSI divergence.

The 91.72 13-Jul low and 38.2% level offer next resistance, followed by the 92.88 50% level - a reasonable near term target. However, the more interesting resistance isn't seen until the bear channel top projection at 94.70 currently.