Price: 154.90

Bias: I feel there is still risk of slippage to the 153.48-60 area before a correction

Daily Bullish:

Losses have taken an extremely direct route lower and we must be aware of the possibility this will continue through to the 153.48-60 area at least. Look for a bullish reversal pattern around there. If this breaks then the next support to look for is at 151.14. Only an earlier break back above 155.50-70 would dent the more direct route lower and generate a recovery above 156.02 to the 156.50 level at least. I suspect this will hold but note the next larger resistance at 157.19.

MT Bullish:

23rd June: Losses are now becoming more aggressive and I feel that the upside must be put to one side right now. Only back above 156.50 & 157.19 would trigger an earlier recovery to 158.00-20 and possibly 158.50-70.

Daily Bearish:

Losses have already broken the 154.96 low and this should lead to further losses. I'm not even sure we'll get much of a pullback but if we do the 155.50-70 area should stall the correction. Below 154.62 would extend losses directly to 153.48-60. Take care here and watch for bullish reversal patterns. If this support gives way then the next target is all the way down at 151.14..

MT Bearish:

23rd June: We have seen the break below 154.95 and should confirm a larger target all the way down at the 143.02-144.00 area. In the meantime I see losses being extended to 153.48-60 at least and possibly 151.14. A correction from one of these areas should be seen before an eventual move towards the 143.02-00 area€¦.

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.

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