Bias: Mixed - waiting for breaks though the upside does still seem to be favored
The break above 136.36 has sent price higher to reach 139.14 and while there was a pullback this has stalled at 136.23 and thus the risk does still seem to be higher. The only concern is the possibility of a slightly deeper correction to 135.20-50. A break above 138.17 would tend to suggest that the next move higher will be more direct. We would still need to watch resistance at 138.45 but once broken should extend above yesterday's 139.14 high to reach 141.55 and max 142.05.
24th February: We are seeing gains push higher and while the longer term suggests more losses, right now the trend is higher. Thus watch out for resistance at 141.55-142.05 initially and observe the reaction there.
139.14 capped yesterday's gains and caused a pullback which reached 136.23 this morning. Ideally I would have liked a deeper correction and only while 135.17-45 caps is there any chance that we could see a second corrective decline. A break back below 137.33 & 136.80 would assist and if seen would trigger a return to 136.23 and down to 135.20-50 (max 134.38) but this may well hold. Only breach would threaten a stronger push lower...
24th February: Still no losses so we'll have to be patient and see if a topping pattern develops. Only back below134.20 would give a slightly stronger bearish outlook for a return to 132.73-97 initially with breach seeing stronger losses.
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