POG daily 07/06/13
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POG is going along nicely today after a return to the short term trendline. This bodes well for a possible trend change and if it can break through the last high at 142.4p we'll have had consecutive higher lows and higher highs.
The next two resistance are shown on the chart but there's also something I missed last time round - look at the doji on the left side of the chart - that had a candle body at the 142.4p level, the same as the previous day's close (give or take 0.1p!). It promptly gapped up from the the following day so these tell us that the market thought that 142.4p was an important level and that's why it acted as resistance a few days ago.
I'm kicking myself a bit for having missed that important price action as I could have banked profit there last time but we're nearly back at that level and perhaps this time we'll go through it.
Incidentally, I've not labelled any waves on this yet but it looks like it could be 1,
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