| Resistance: | 147.05-30 | 147.96 | 148.40 | 148.87 |
| Support: | 146.27 | 145.70 | 144.97 | 143.56-95 |
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Bias: While 147.05-30 caps the risk is for a break below 145.70 to extend losses to around 142.26-80
Daily Bullish
Price remained in a tight range yesterday supported around the 145.70-75 area. However, the recovery has been shallow and this tends to retain a more bearish structure. To reverse this we're going to need the 146.27 support to hold and for a break above the key resistance at 147.05-30. Only if this is seen would I look for a retest of the 147.96 high. Take care here as this may hold. Breach would extend gains to 148.87 minimum and more likely to around 149.39-72. Again, take care as this is likely to cause a correction. next resistance is then found at 150.12 and 150.68.
Medium Term Bullish
9th April: The decline has now been too deep to try and retain a larger bullish stance. I feel that if the 142.26-80 area is seen there is a good chance of a pullback higher. Only an earlier rally above 147.30 & 147.96 would send price up to 149.39-72 at least.
Daily Bearish
Although we saw a minor new low at 145.72 this basically matches the 145.80 low and thus provides a clear bearish signal if broken. I suspect we shall see a retest to the 147.00-30 area but while this caps I will be looking for a move back to the 145.70-80 lows and also breach which would provide quite a strong follow-through to 144.97 and probably all the way down to 142.80 (and allow for a small extension to 142.26...) However, I shall expect this area to provide a bullish divergence and probable reversal.
Medium Term Bearish
8th April: I am getting more concerned here and it does look as if the larger uptrend is complete. Loss of yesterday's 145.83 low would extend losses to 144.97 and potentially to 143.56 followed by the stronger 142.26-74 congestion area.
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.
