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INTRADAY CHART
BIAS: Ideally this should now rally to the 102.90-103.01 area before reversing lower
MAIN ANALYSIS: The alternative bullish outlook developed - a drop below 102.30 and down to 102.00-08 was seen. While this area continues to support we should see gains back above 102.38 and towards the 102.80-83 area (be flexible around here depending on how deep any correction from 102.38 is) but eventually to the 102.90-01 area. Ensure bearish reversal indications are present. From here we should see losses.
COUNTER ANALYSIS: Any direct break above 103.03 would see price rally to the 103.24-52 area but then see a minor correction (25-40 points approx) before heading higher to the 104.12-33 area. This should cap for a reversal lower.
A break below 101.86 would look a lot more bearish.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
BIAS: Ideally this should now rally to the 102.90-103.01 area before reversing lower
MAIN ANALYSIS: The alternative bullish outlook developed - a drop below 102.30 and down to 102.00-08 was seen. While this area continues to support we should see gains back above 102.38 and towards the 102.80-83 area (be flexible around here depending on how deep any correction from 102.38 is) but eventually to the 102.90-01 area. Ensure bearish reversal indications are present. From here we should see losses.
COUNTER ANALYSIS: Any direct break above 103.03 would see price rally to the 103.24-52 area but then see a minor correction (25-40 points approx) before heading higher to the 104.12-33 area. This should cap for a reversal lower.
A break below 101.86 would look a lot more bearish.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
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