Price:   83.42

Bias:  This still looks firm and while 83.10 supports a move above 83.48 will extend gains to 84.02 at least

Daily Bullish:

This morning has seen Friday's gains extend to 83.48 and it seems like we're going to retest the 84.02 high. We'll have to be careful here as a correction is possible at this high. Therefore, only breach at 84.02 would maintain the bullish momentum for 84.33 and 84.61 at least. Take a little care here. Breach suggests a test of 84.61 at least. Also note the 85.31-44 resistance.

MT Bullish:

9th November:   Gains have been stronger than expected but only above the 84.02 swing high would suggest stronger upside potential for 85.31-44 initially.

Daily Bearish: 

While momentum is still positive do keep an eye on this as there is potential for a bearish divergence to develop. If we are to see losses then ideally the 84.02 corrective high should hold. There is support at 83.10 and breach would unsettle price a bit and risk follow-through lower with minor supports at 82.85 and 82.54 ahead of the stronger 82.04 low. I suspect it won't move directly below but cause a small correction. Below 82.04 would test the 81.54 corrective low at least.

MT Bearish:

6th November:   With the gains seen I feel we should be focusing on potential caps at 83.40 and 84.02 - max 84.33-61. Only an earlier reversal below 81.41 would appear to cause a larger reversal lower directly.

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.