V $70.16: Rallies towards 5-month rising wedge upper boundsV forms a 5-month rising wedge as shown on the weekly chart while posting new record highs. Further strength would open 72.74 (0.618x 48.80/67.33 from 61.29), near the wedge upper bounds, ahead of 75.07 (0.618x 16.23/58.88 from 48.71). The 66.84 area (near April 6, 2015 weekly range high and rising wedge lower bounds) should support dips. Only a break below the latter would caution for further weakness towards 64.35 (April 13, 2015 weekly low).
Outlook:
Short term: bullish
Long term: bullish
