| Resistance: | 141.75-80 | 142.12 | 142.56 | 142.84 |
| Support: | 141.48-54 | 141.04 | 140.72 | 140.21 |
Bias: This looks bearish but I feel losses are likely to be choppy
Please read the attached PDF file which provides more detailed analysis
Daily Bullish
Gains were seen as expected on Friday which stalled within the 143.11-43 area. Losses from here appear to be a little too deep to expect a recovery and thus we should be cautious with any bullish stance. There is support in the 140.72-141.04 area and I feel this should provide a correction higher only. Thus only back above 142.12 and 142.56 would cause a retest to the 143.21-35 area. This resistance needs to break to maintain any bullish momentum for 144.09 at least. Also note resistance at 144.97.
Medium Term Bullish
9th October: We'll still have to be careful at 143.11-43 area but the chance of retesting the 144.52 high is stronger now. Also note the 144.97 and 146.25 targets.
Daily Bearish
With the peak in the 143.11-43 area I feel the main risk is back lower. There is a small risk that we could see a correction as high as the 142.12area. But while this broad resistance holds we can still see losses. Any direct loss of 140.72 would extend losses to the 129.70-74 area again. I still feel this would hold for a pullback higher. Thus only below 129.70 would see 139.04-17 at least.
Medium Term Bearish
6th October: The inability to keep hold of gains is worrying and any loss of 139.74 followed by 137.91 would actually appears to imply losses all the way down to the 130.50-00 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
