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