On the daily chart, price is now moving towards the resistance zone between US$41.93 and US$43.78, marked by previous lows and containing the 61.8% Fibonacci retracement level of the November to February decline. While price may continue higher in the near term, momentum indicators are highly overbought suggests the risk of a pause or pullback is increasing. Below current levels there is noted support zone between US$36.28 and US$34.90, marked by recent highs. Given the impulsiveness of the recent rally, any declines towards this region are likely to be corrective.
While the outlook continues to significantly improve, we await a pullback from current levels before updating our outlook to bullish.