The Daily Forecaster

[B]BIAS[/B]: We should now see the foundation of the larger rally develop…

[B]Resistance[/B]:... 80.30........ 80.48... 80.64... 80.89
[B]Support[/B]:........ 79.90-04... 79.64... 79.39... 79.13

[B]MAIN ANALYSIS[/B]: I was caught out in the final approach to the low, only managing to reach 79.64 and not the 79.30-40 area I had expected. The bounce was enough to break the near term downtrend and while technically we need to break above the 81.78 high to confirm the larger uptrend we should make further progress today. There is support between 79.90-05 - possibly we have already seen the low at 80.04 - but overall this should now move higher to the 80.48-64 area (prefer the higher) for a 15-20 point pullback and then the approach to the 81.07-20 area minimum. Allow for a little more with a corrective high at 81.44 but we shouldn't get above the 81.78 high today.

[B]COUNTER ANALYSIS[/B]: A direct break below 79.64 would resurrect the 79.30-40 target. It's worth watching but it would seem more logical for extension to a lower retracement target at 79.13 or 78.74… and a lower one at 78.45.

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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