The upper channel line of the channel even points to a higher target at $1,862, the 76.4 percent Fibonacci retracement on the fall from $1,911.46 to $1,702.44, but it will only be valid after the resistance at $1,838.29 is broken above.

Support is at $1,800, a break below which will trigger a fall to $1,770.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011