Price: 145.99

Bias: While 146.44-70 caps I feel we should see losses

Daily Bullish:
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.

MT Bullish:
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...

Daily Bearish:
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...

MT Bearish:
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.

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.

I shall be presenting a seminar in Hong Kong on Saturday 27th June at the Excelsior Hotel in Causeway Bay. Please see http://www.earlthorn.com/ for details.