Bias: While 154.00-20 caps I feel we can see losses down to 152.30 (max 151.80)
Yesterday saw a mainly bearish day and I feel the correction is not yet complete. There is resistance around 154.00-20 and while this caps I feel the greater risk is for losses to 152.30 at least - at most 151.80. Look for a bullish reversal pattern in this area and trade the break. Only an earlier break above 154.25 would imply the upside can resume more directly and generate follow-through higher to the 155.16-35 area and more likely 156.20-49 at least. Take care here as a correction will be due. Also note resistance at 156.95-02.
17th July: I'm a little uncertain where this rally will end but note resistance at 156.49-157.02 and also the 159.56-67 area.
I see a bearish descending triangle potentially developing and this would imply a peak at 154.00-20. Thus look for a selling opportunity in this area and to see losses reverse back to the 153.00 low. Breach would extend losses to the 152.30 support at least and at most 151.80. Here I feel we should be looking for bullish reversal patterns. Thus only a break below 151.47-80 would extend losses to 150.81 at least. Next support is then found at 149.55-95.
16th July: While 152.30-80 supports momentum remains bullish. Thus only look for additional losses on a break of 152.30 - then observe support at 151.80 and 150.81.
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.