Price: 127.04

Bias: I look for a retest of 127.63 and while any pullback remains above 126.50 for gains to 128.62-68

Daily Bullish:
We saw gains reach the 127.66 minimum target from where we have seen a correction. This remained above 125.52 and thus we should be seeing the last leg higher in the rally. Today should see a retest around the 127.66 area but should generate a correction back to the 126.50-60 area. From there look for the final leg higher to the 128.62-68 target where I feel a larger reversal lower is possible. Only above 128.80 maintains the upward momentum for 129.69...

MT Bullish:
13th March: 13th March: Price has taken a rather unusual route but does seem to imply that we should see the final attempt towards the 128.18 minimum target and probably the 128.70-90 area.

Daily Bearish:
I feel the best selling opportunities will come at 127.60-70 for a correction back to 126.50-60 and as long as this generates a move to 128.62-68 I feel a long term cap should be seen and thus a strong opportunity for a topping pattern to confirm losses. Only an earlier break below 126.50 and then this morning's 125.52 low would imply a sooner reversal lower. If this breaks then look for follow-through to 124.00 (take care) and probably all the way back to the 121.71-122.10 lows...

MT Bearish:
10th March: We are close to a break lower - although there still seems more risk of a move to 128.88 at least - may be further. If the 121.71-10 area gives way then the upside is exhausted and should cause stronger losses.

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.