The gap from Friday’s NY close to yesterday’s opening level was perfectly closed overnight, which is quite a bullish sign and may signify that the totally dominant bull trend is simply resting before re-launching. This 109.80 level looks like it will be pivotal in the short-term and bulls can buy dips with relatively tight stops below there (and there are now likely to be plentiful trailing stops below). I still feel that 111.50/112.00 will be ‘toppy’ but contrarians like myself need to be careful when trends continue to show strength.
