Price:   132.87

Bias:  The downside risk remains - but take care around 131.58-71 and then 130.56-64

Daily Bullish:

Losses were seen in line with yesterday's bias and I feel the risk is still lower. However, I'm not quite ready to accept this as a massive move lower… Watch the 131.58-71 area for signs of reversal. Already we are seeing potential for a bullish divergence in the hourly chart while 4-hour is close to oversold. If we do get the bounce from 131.58-71 then we should see a move back to the 132.43 area and potentially the 133.05 pivot area. It is breach here that would provide a slightly more bullish outlook for gains that should then move through 133.60 & 134.10 and back to around the 134.32 high.

MT Bullish:

18th November:   For the moment the emphasis is lower and may well turn into a stronger decline. Thus we should wait for signs of reversal before looking for a stronger recovery. Back above 133.05 and 134.32 will be required.

Daily Bearish: 

The downside did follow-through yesterday and I feel that while 133.05-20 caps we should see the downside extend a little further today to the 131.58-71 area (max 131.37.) Take care here as I would expect a correction at the very least. Only breach would risk direct extension of the decline to below 130.98 and with the 130.56-64 area the most likely stalling point. The next support is not seen until 129.12-48.

MT Bearish:

18th November:   The downside has begun to take a firmer look and we should now observe the 131.37-71 area followed by 130.56-64 for signs of a correction - but indeed, it would only be a correction before additional losses.

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.