The Daily Forecaster

[B]BIAS[/B]: I'd prefer a pullback higher but see the main risk as lower…

[B]Resistance[/B]:... 99.45... 99.93... 100.18-43... 100.78
[B]Support[/B]:........ 98.74... 98.24... 97.59.......... 97.03

[B]MAIN ANALYSIS[/B]: While we saw some minor gains these came to a halt at 99.88 and price then proceeded to dip to 98.74. This development is causing me to feel that we're on the brink of some stronger losses. There is a minor risk that we could see a slight deepening of the correction to 99.85-100.20 (max 100.43) but either from there - or a break below 98.75 - I sense a growing bearish pressure that should extend down through 98.24 and 97.59 to the 97.03 low at least. Take care around here as it could provide a correction. However, overall I am more aligned to a retest of the 95.58 low.

[B]COUNTER ANALYSIS[/B]: Only a break back above 100.50-70 would take price back from the brink and suggest further choppy consolidation. Note the 100.78 and 101.22 corrective highs ahead of the 101.62 high.

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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