Bias: While 157.90-10 supports I still feel the upside has further to go but could be choppy
The breach of 157.07 was very brief and from there was have seen a solid push higher and this does seem to suggest more gains in the short term at least. Support is at 157.90-10 (max 157.60) and while this area supports I feel we'll see gains extend to 159.67 at least. take care there in case this generates a pullback. However, even if seen I feel later the risk is for additional gains to 160.00-50. here I feel we should be looking for bearish reversal patterns. Also note the resistance at 161.39.
10th June: While we have seen some choppy pullbacks I still feel the top is not that far off and above 159.67 is going to suggest we could see one last move higher to 160.46 at least and possibly 161.39.
We are seeing choppy gains and I do feel that we're close to a high. Keep in mind the 159.67 resistance followed by 160.46-53 and 161.39. Look for bearish reversal patterns to confirm the top. From one of these resistance points - or a direct break below 157.60-158.10 I feel the risk of larger reversal will increase. If seen expect a direct reversal lower through to 156.61 and later to 155.52.
9th June: We can now raise the reversal level to 135.96 - break of which will generate much stronger losses down to 134.05 and 133.40 en route the 126.96 low.
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.
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