Price: 132.31

Bias: I still can't rule out seeing 133.06 but I am more in favor of direct losses to 130.36-72 and 129.74

Daily Bullish:
The 132.86-06 area has provided resistance thus far and any bullish stance is going to need this to break. Only if seen is there a stronger chance that we'll see a push towards 133.50 and 134.32 (and max 135.00-10.) While I am not in favor, a break above 135.10 maintains strength for 135.65 and 136.50 ahead of the 137.40 high.

MT Bullish:
4th May: The rally has been persistent but I feel more in a corrective structure. Thus only above 133.06 would risk a break of the bearish divergences and thus extend gains to 135.00-10 and maybe all the way to the 137.40 high.

Daily Bearish:
So far the 132.86-06 area has capped and cautiously with bearish divergences in hourly & 4-hour charts I remain bearish for a break below 132.12 to generate losses back to yesterday's 131.32 low and further to 130.36-72. Take care her as this could cause a second retracement. Thus only below 130.30 sees the 129.74 corrective low - but again this should hold on first test.

MT Bearish:
4th May: There are clear signs of a potential top and I'd estimate this to occur in the 132.62-133.06 area. From here a reversal to 129.74 is likely and while it may cause a brief correction I feel that we may well see a total reversal.

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.