Bias: While there is still risk of seeing 75.95-10 I feel the day should finish lower€¦
The first support at 74.10 basically held and has caused a reversal higher but I feel this may not have much more room on the upside. Thus any bullish stance will require a break above 76.10 and only if seen would I look for gains to continue aggressively towards 77.14-23 at least. Take care around here as this is another potential capping area. Next resistance is at 78.30.
24th June: Only a push back above 76.10 would generate stronger follow-through to 77.14-23, 78.30 and the 78.30-50 area.
While the recovery wasn't expected I feel we have probably seen the majority of the recovery. Thus from the 75.95-10 area I feel we should be looking for losses to push back below 75.28 to then trigger follow-through close to the 74.03 low. This should hold on first test. Next support is not until 73.04-29...
17th June: The decline has been strong but has stalled this morning just above 76.06. While 78.37-62 caps I feel we shall see this decline continue but wait for breach of 75.16 that should imply losses close to the natural target at 70.50.
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 now available on the Daily Forecast page of my web site.
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