WLF - 338.00p .. not a lot can I say really .. the chart says it all, and you don't have to be a chartist to be able to read it.
.. a very strong 'uptrend' since last May, which has lifted the price up through its previous early 2004 high of around 225.00p, without any hesitation. The 'uptrend' seems to be getting steeper and steeper, and with rising indicators, and the price still reaching new highs, it is not showing any signs of stopping yet.
Zooming into its 6 mth chart, the 'narrow uptrend channel' of the last 3 mths is clearly visible, and the last couple of months has seen the price moving up in 'steady steps', with any retracement limited to its previous peak ..
As the price is now up into 'unchartered territory', the 'sky is the limit', and with no 'historical resistance levels' to worry about, its only the 'psychological levels' that will provide resistance, and the closest above, is the 350.00p level.
As usual, I would use the 25.00p intervals and their 'mid points' for guidance, with each acting as resistance for the rising 'buying price', and support for a falling 'selling price'.
So at its present level .. its main 'selling support' below is at 325.00p .. its main 'buying resistance' above is at 350.00p .. and it has just gained the support of the 337.50p 'mid point', where it can consolidate if it needs a brief rest to rebuild its strength.
I am a strong believer in the phrase 'let the trend be your friend', so just 'go with the flow'.
