Price:   152.26

Bias:  Mixed - waiting for breaks … there seems to be risk of a sideways consolidation under development

Daily Bullish:

This still hasn't broken down and is beginning to look a bit more bullish. However, there does seem risk of a larger sideways consolidation pattern under development. This has a range between 151.57 and 152.75-95. Thus, we need observe this and wait for breaks. Thus while 151.57-75 supports we should see a reversal higher back to retest 152.75-99. Only look for a stronger push high on a break of this resistance. If seen then I expect stronger follow-through above the 153.23 high and onto 154.44-65 at least. Take care there. Next resistance is seen at 155.51 & 156.05.

MT Bullish:

10th September: While the 151.33-57 area supports we should see continued sideways consolidation which should lay the foundation for a stronger push higher which now I feel could easily challenge the 138.70 high. However, wait for break.

Daily Bearish: 

The lack of downside is damaging to the MT bearish structure. However, today does seem like we shall see a drift lower but which should stall around the 151.57-75 support. Only look for follow-through on breach of 151.33-57. If seen then look for a move to 151.09 minimum and probably to 150.36 and 149.64-92. Take care there. Next support is at the 149.07 low.

MT Bearish:

10th September:    Lack of follow-through is dampening the downside prospects. Thus wait for loss of 151.33-55. If seen there would be a great chance of follow-through to 149.64-92 at least. If this support breaks then expect a test of the 149.07 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.