[B]MAIN ANALYSIS[/B]: Price dropped below 79.31 but only to 79.21 and then recovered to 79.49… This seems to suggest the downside more but the way this has moved recently highlights caution. If this is to move lower then the 79.49 high should remain intact and drop back through 79.21 to reach the 78.84 projection for a correction of around 40 points before seeing a drop back to 78.84 and later to the 78.46-61 area.
[B]COUNTER ANALYSIS[/B]: A direct break above 79.49 would bring price right back into the recent trading range, initially close to the 79.77 high. It will then need to break above here to reach the 80.09 high and could begin to show more interest if it breaks significantly above.
For more information regarding the support & resistance please see the attached PDF file.
Good trading
Ian Copsey
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