| Resistance: | 82.53-62 | 83.01 | 83.25 | 83.64 |
| Support: | 81.90-97 | 81.60 | 81.29 | 80.99-12 |
Bias: Until we see a lower low the trend remains higher - but take care at 82.53-62
Please read the attached PDF file which provides more detailed analysis
Daily Bullish
The uptrend continues relentlessly and we now face the 82.59-63 resistance and possibly 83.01-25 for the next barriers. Momentum remains strong and until we get bearish divergences at key resistance levels we should retain a bullish stance. Take care at 82.59-62 -only above extends to the 83.01-25 area and quite probably 83.64.
Medium Term Bullish
13th October: We have come close to the 81.97 high and at some point it will likely break. I'd prefer a correction down to 80.77-04 first and then a rally from there would push above 81.97 for 83.01-27 at least and possibly 83.67-82.
Daily Bearish
I feel that as we move higher the trend will be come more and more stretched. However, with the relentlessness of this rally it will be important to identify bearish reversal patterns before attempting to sell into this rally. The areas most at risk of seeing a reversal are at 82.53-62 and 83.64. However, do also note the 83.01-25 area.
Medium Term Bearish
15th October: Wait for stronger signs of reversal before contemplating a MT bearish trade here….
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
