We have been pausing for breath over the past week to relieve the overbought conditions before the next leg higher. If we can beat last week's high at 178.60/70 we can re-start the bull trend & target trend line resistance at 179.20/25. Above here we look for a retest of September highs at 180.60/66.
The 3 day low of 177.25/10 is key for today. A break lower does look possible & should target support at 176.45/35 for a buying opportunity with stops below 176.00. Go with a…Continue
We have stablised over the past 2 sessions but will only look more positive above immediate resistance at 139.05/15. Be ready to go with a break higher to target 139.42/45. Exit longs & try shorts here with stops above 1.3960. If we can reach as far as 1.3970/75 try shorts again with stops above 139.90.
Failure to hold above 138.70/65 keeps the market under pressure & targets the 2 week low at 138.40/35. Obviously this is key but a break lower looks increasingly likely for…Continue
However we are ranging for 3 days now & this may continue throughout the week to unwind oversold conditions. The 2 day low is 7795 but below here tests September lows at 7781. A break lower always likely in a bear trend & we then look for a test of important 2012 lows at 7753. A yearly low is always going to grab attention. This is also 7 year Fibonacci support BUT last time we bottomed here we also had the 200 month moving average here adding support. This is not the case now.…Continue
Immediate support is 9480/76. Try longs with stops below 9460. A break lower then meets the next support at 9440/35 & a low for the day expected if we fall this far. Try longs again with stops below 9420.
Immediate resistance at September highs of 9530/32. A break higher always a strong possibility in this bull trend & should target 9560/65 then 9595/9600 perhaps later in the week.…