Bias: Above 120.45 would extend gains to 121.25-54 at least while below 119.00 sees losses
Overall price movement was not quite in line with expectations although it did end higher and this morning has set a minor new high also. It is strengthening the bullish argument and a break above the 120.45 high seen this morning would extend gains up to 121.25-54 at least. Take care here as this could cap in the short term at least. Thus only breach would extend gains above the 122.15 corrective high and onto 123.17. I feel this stands a chance of capping on the day. Thus only above maintains the bullish momentum for 123.77.
20th February: There is an uptrend in place and until 118.40 breaks this is likely to remain. Above 120.32 suggests a stalling area at 121.54 and maybe even 122.61-123.17 in an aggressive move.
I note momentum is overbought and thus we should exercise care. However, to see losses begin to take hold once again we're going to need a break back below 119.95 and then more importantly 119.00-30. If this is seen then it should open the way for continued losses to 117.88 and possibly lower.
20th February: I remain long term bearish but until stronger losses are seen I can't rule out more upside. Thus only below 118.40 opens up losses to 117.20, 116.17 & 115.63. This lower area should support initially.
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.