VWAP closes @4.00 and sits above first resistance target of 3.85 (the SMA50 level). 38.2% fibo extension from 3/- lies @4.15. Now consolidation then the next journey towards SMA100 @4.80.
But that 1yr extension doesn't give legs for a proper bull recovery. One yr is too short to fix the mess in this industry to guarantee constant cashflow and profits.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!