Bias: While 146.44-70 caps I feel we should see losses
The break back above 145.34 indeed provoked deeper follow-through that stalled finally at the 146.40-70 resistance. I suspect this is enough for now and most likely we shall see losses. Thus any bullish stance will require a break above 146.70 and if seen would provoke follow-through above 147.12 and 147.69 and to the 148.07 corrective high. Take care here as this could easily cause a correction. Take note of further resistance at 148.40 and stronger at 149.11-48.
15th May: We have seen a deeper correction although I suspect we have seen a temporary high at least and maybe a long term one€¦ Only above 146.70 would threaten the 148.06 and 149.11-48 areas...
Price has stalled at the 146.44-70 pivot resistance and while this area does cap I feel we are due a correction lower at the very least and possibly a stronger decline€¦ Immediate support is at 145.60 and loss would imply test of the 144.90-10 pivot support. A reaction here is likely. If we are going to see any deeper losses then we'll need breach of this lower support and if seen then look for follow-through to 144.09 at least - but again take care. It will take a break here to begin to suggest a retest of the 143.37 low...
15th May: I still prefer a bearish view but the pullback has been deep. If anything I feel a sideways consolidation is possible back to 144.00-10 - and only below here would threaten a retest of the 143.37 low€¦ Further out there is support at 141.43-80 & 140.70.
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