Bias: I look for a cap in the 81.95-82.23 area and for the downside to resume
Losses actually extended to the 80.62 support but from there we have seen a pullback. I feel there is just a little more to go with the 81.95-82.23 area providing resistance. Only a move above this resistance area would concern and suggest follow-through above 82.50 and 82.83-00 to reach back to the 83.24-36 resistance.
23rd November: I am becoming more bearish and only back above 82.23 would suggest we could see a deeper correction back above 82.50 & 82.83-00 to reach the 83.24-36 area again. Then I'll review...
No real strength seen on Friday but a dip down to the 80.62 support which held perfectly. Now while 81.95-23 caps I feel we can see further losses develop. Therefore look for bearish set up patterns in this general resistance area. From that resistance a break back below the 81.40 pivot support would extend losses to 80.95 at least. While this holds there may be some potential for a sideways consolidation. Thus, breach of 80.95 woud retest 80.62. This area should support for a brief correction but I'll be looking for follow-through that should extend losses to 79.73 at least and I suspect the 79.20-45 target support.
23rd November: This is look more bearish and while 81.95-23 caps I feel we can see losses to retest the 79.45 low and may just see small overlap to 79.20.
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For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.