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The Daily Forecaster
Mon, Jul 6 2009, 03:46 GMT
by Ian Copsey
| Resistance: | 155.55 | 156.29 | 156.80 | 157.12 |
| Support: | 154.66 | 154.05 | 153.17-51 | 152.59 |
Please read the attached PDF file to ensure that you receive the full analysis...
Bias: The downside remains at risk - but take care at 154.66
Daily Bullish
We have already seen the break lower this morning but we have to take care at the 154.66 support. There are two targets for this leg lower - the first at 154.66 and the second between 153.17-51. Thus look for a bullish reversal pattern either at 154.66 or if this breaks at 153.17-51 and trade the break of the pattern. If we see the bounce occur from 154.66 then at most the pullback can get to 156.29-80. Thus any stronger bullish stance will require a break above 156.80 and if seen would extend gains to 157.84.
Medium Term Bullish
6th July: Losses have been too aggressive to think about any stronger recovery at present. Only above 156.80 would provide some temporary relief.
Daily Bearish
This morning has seen losses to 154.87 and I see support at 154.66. Take care here. For any further decline we shall need a break of this support. If seen then look for extension lower towards 153.17-51. I suspect this support would hold. However, do also note the next support at 152.59. While I remain MT bearish I feel we shouldn't see direct aggressive losses below 153.17-51 probably and certainly not 152.59.
Medium Term Bearish
6th July: While 156.80-157.12 caps I will be looking for losses to 154.66 and probably 153.17-51 and while a correction will be due the minimum eventual target is at 151.74 below which are projections at 148.48 and 146.47…
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site
Published on Mon, Jul 6 2009, 03:51 GMT
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Legal disclaimer and risk disclosure
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.Related reports
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