Even so, the commodity’s weakness past-$26.25 will have to slip below an ascending trend line from July 28, at $24.25, to please the pessimists with 50-day SMA around $22.00.
Alternatively, an upside break of the descending trend line from August 07, at $27.45 now, will have to cross $28.50 before attacking the monthly high of $29.85.
Also acting as an upside barrier beyond $29.85 will be $30.00 and late-January 2013 bottom around $30.75.