Price: 98.67

Bias: Initially the 98.20-00 area should see consolidation - then work with breaks - I think lower

Daily Bullish:
Yesterday's losses stalled at 97.93 and promptly provoked a correction to 99.20. The deep pullback to 98.20 followed by strength is looking more as if we're seeing a triangle develop and thus should mean the 98.20-00 area is likely to contain trading initially. Clearly, for the upside to push through we shall need a break above 99.00-20. If seen price should follow-through to 99.57-74 at least and then there is more risk of extension to 100.21. Take care as this could cause a pullback. Next resistance is at 100.74 and then the 101.43 high.

MT Bullish:
7th May: If we are to see any gains above 101.43 then we're going to need a break above 99.20 -57 to extend through 100.20 and up to 101.43. If this occurs, there should be a correction but the ultimate target is in the 104.50-106.50 area.

Daily Bearish:
The losses stalled much earlier than expected from where we saw a sharp recovery. I feel the correction lower from 99.20 is more in keeping with a bearish structure but still the short term is likely to see a 98.20-00 triangle. As long as this break lower then we should see a return to 97.93 initially and then further below 97.60 and to 997.13 where there may be a brief correction. Overall this could reach as low as the 96.54-70 area en route the 95.61 low. However, I do feel this will need until tomorrow to develop.

MT Bearish:
7th May: The decline hasn't occurred quite as expected and we now have a short term barrier at 98.20 but as long as this and the 97.93 low breaks I feel the 95.61 low is achievable.

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.