Price:   131.26

Bias:  Care here - there seems a risk of seeing 130.60-84 again - but overall I expect gains

Daily Bullish:

No break was seen below 130.48 and gains seen from the 130.69 corrective low. I'm a bit mixed and there does seem risk of price retesting this 130.69 area again - but probably not below 130.60. If this is seen look for a bullish reversal pattern. Overall, I still remain cautiously bullish but the movement we saw yesterday may well mean we see the rally higher than the target suggested yesterday. Thus while 130.60-70 supports look for gains to push back above 131.57-78 and to the 132.01-14 area and probably striaght through for 132.68 at least. Take care here as this does have a good chance of holding and provoking a reversal lower. Above 132.70 extends to 133.10-44 (max 133.91-13) before lower.

MT Bullish:

30th September: The corrective target now appears to be slightly higher at 132.68 - only above would extend to 133.44-134.13. However, I feel that anywhere above 132.68 must be observed for signs of a bearish reversal pattern.

Daily Bearish: 

I don't think we've seen the high so at the moment I feel this has limited downside for today and this should be at 130.60-84 at the most. A break below 131.12 would target this area. Thus, only a breach of 130.60-84 would suggest the risk of direct losses which would then extend towards 130.06 and probably the 129.79 low. Take care as this could hold. Next support is at 129.02.

MT Bearish:

29th September:     Overall I see the minimum target at 128.48 and more likely at 127.28. However, I suspect we'll see a pullback to the 133.12-30 area before this test.

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.