Bias: While 81.04-11 supports I look for one final rally above 82.05 and through to the 82.82 and probably 83.24-56 area
Gains were seen as expected but proved to be slightly stronger than anticipated. I feel there is still a little more to go and thus while the 81.55-73 area supports I look for a reversal back higher towards the 82.60 corrective high followed by Friday's 82.98 high and onto the 83.30-56 resistance which I feel will cap. Thus, only breach would extend the rally to 84.01-20.
7th December: We have seen the stronger follow-through and now we should be taking care at 83.30-56 followed by 84.01-20, both of which could slow/reverse the rally… Also note higher resistance at 85.31 and 85.48-94.
Given the stronger gains seen on Friday I am rather reluctant to look for any extensive losses today. I see the 84.55-73 area supporting and thus only breach of this area would extend losses through 81.11 and into the 80.36-80.74 support area which should support... Any earlier push above 82.98 should see gains to 83.30-56 and at an outside chance at 84.01. Thus watch for bearish reversal signals in these two areas.
7th December: I feel we should hold back from any extensive bearish stance with the maximum pullback at 80.36-74. Nore likely we'll see selling opportunities either at 53.30-56 or 84.01.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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.