Price:   149.59

Bias:  While 149.75-85 caps I look for additional losses to 148.25

Daily Bullish:

As expected we have seen losses which reached the 149.63-91 support but this morning has seen extension to 149.22. The earliest I can see some sort of decent correction is from 148.25. Even then this will be for a correction only but could rise back towards the 149.75-85 area. However, that is far as I would expect. Thus, any bullish stance is going to require a break above 149.85-00 and only if seen would I look for a rally back towards 150.00 and 150.23-44 with the 151.18 high the next resistance.

MT Bullish:

18th September: The structure is bearish and likely to remain so. There could be one opportunity around 148.25 for a rally back to 149.75-85. Only back above 150 is going to allow a retest at 151.18. Above there sees 152.16.

Daily Bearish: 

I remain bearish and see any recovery from this morning's 149.22 low stalling at 149.75-85. From here look for losses back to 149.22 - possibly a small correction and then through to 148.25. I think this will hold for a correction but also note the 147.67-81 support. If I am wrong and we just keep seeing losses then below 147.48-67 would target 146.58.

MT Bearish:

18th September:     With the 151.18 resistance holding I see the main direction as lower, initially to 148.25 and later to 147.67-81… However, this may well be the most we see for now..

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.