Richard Perry
Independent Analyst
There has been a period where the pivot around 135 has been important for the outlook and with a decisive break below this level last week it looks as though the bears are once more in control. The move also continues a two and a half week downtrend that has left a series of lower highs in place and which looks set to test the support at 132/132.50. The momentum is turning against the bulls as well, with Stochastics in consistent reverse now, RSI in reverse and MACD lines topping out. The intraday chart shows a resistance now around 134.50, whilst there is growing pressure on the support at 133.50. Rallies are now being used as a chance to sell. It would need a confirmed breach of the reaction high at 136.36 to show the bulls are fighting back now.
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