The Daily Forecaster

[B]BIAS[/B]: The 79.94-08 are remains key to any strength and until then the downside may still have legs

[B]Resistance[/B]:... 79.74... 79.94-08... 80.30-39... 80.61
[B]Support[/B]:........ 79.43... 79.29........ 79.13........ 78.95

[B]MAIN ANALYSIS[/B]: Price reached to 4 points above the 79.39 retracement support. There are both 4-hour & hourly bullish divergences so I won't rule out strength but I'd rather wait until the 79.94-08 area is broken. Only if that break is seen would there be any risk of a stronger push higher towards the 80.61 high though I doubt it would break on first test. Above 80.61 would suggest follow-through to 81.20-48 but holding below 81.78.

[B]COUNTER ANALYSIS[/B]: The longer price cannot make any headway above 80.08 the risk of further losses below 79.39-42 will remain. There is minor support at 79.13 but what I feel should be stronger at 78.45-74 and 78.25… While this remains a correction the decline should remain choppy and ideally with these support areas holding. There is a deeper retracement at 77.94.

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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