[B]MAIN ANALYSIS[/B]: Gains seen to just under 80.57 and while the 80.12-17 srea continues to support we should now see the upside extend to 80.89 from where we should then expected a pullback to around 80.48. From this corrective low it should then set up the next leg higher through 80.89 and to the 81.40-45 area. The 81.40-78 area provides resistance and should trigger a correction lower. Only above 81.78 would see further upside.
[B]COUNTER ANALYSIS[/B]: Only back below 80.00 would see losses back to the 79.43 low and this would also risk eventual losses through 79.13 and to the 78.74-95 area where I would like to see a stronger base for a reversal higher.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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