Price did not make the corrective move down to 975 during last week as was preferred by us but rather traded a sideways pattern between, roughly 1010 and 1050. It doesn't change our general expectation of the development of this price but we need to adjust our preferred path a bit. We take our view to the upside from here and have a bias with 1100 as target which we would like to see reached latest by the end of May. If price breaks the 1000 level, however, we will have to go back to the drawing board again and start considering the correction down after all. For now we are in for a 5% swing up from current levels.
