Price: 134.61

Bias: Mixed - waiting for breaks although the bullish structure has not yet broken down

Daily Bullish:

There was no break above 135.20 which prompted a messy drift lower and there's still chance this may extend a little more to 134.00. If this is seen first we'll probably stay in a range below 134.93-18. Thus a more bullish stance will require a break above this resistance and only if seen would it retest the 135.61 high and while this may cause a brief pullback we should expect follow-through to 136.87 at least. Take care here as this is the favored target for a reversal lower. Also note the 137.25 and 138.00 resistance.

MT Bullish:

24th July: We haven't yet reached 135.85 but momentum still looks positive and while 134.42-84 supports I feel we can see 136.87 minimum and at most 137.25-138.00 before a pullback.

Daily Bearish:

We are caught in a range at the moment and this may well continue between 134.00 and 135.00. Thus, if we are going to see an earlier reversal then we'll need a break below the 133.84-00 area. If seen then look for a stronger follow-through lower with minor support at 133.41 below which losses should extend to 132.32-73 and 132.05. Take care here as this could cause a pullback higher. However, note next support at 131.30 and 130.54-70.

MT Bearish:

27th July: I feel the downside risk is getting closer but we need wait for breaks as there is every chance that we could see 136.87 first. Only an earlier break below 133.84-00 would trigger stronger losses through to 132.05-32 and possibly further.

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.