Price: 101.23
| Resistance: | 101.50 | 101.80 | 102.26 | 102.54 |
| Support: | 100.65 | 100.20 | 100.01 | 99.60 |
| Bias: | Cautiously I suspect a recovery to 101.80 but then falling back into range |
| Daily Bullish: | Losses stalled nicely at the 100.30 support from where we have seen a recovery. This appears to fir into a short-term consolidation structure which should imply a recovery to the 101.80 resistance area. However, I suspect this will cap for a drift back into range. Thus only a clean break above 101.80 would extend the upside towards the 102.26 corrective high and probably 102.54 and 102.93. |
| MT Bullish: | With the sharp pullback the near term outlook is mixed. Only above 102.25 then 102.93 would extend the rally to around 104.05 at least. This may cap. Only above sees 104.47-82 and 105.18. (11th April) |
| Daily Bearish: | Having seen a low at 100.29 I suspect that we shall remain within a range above this area for a while at least. I suspect the 101.80 area should cap today and allow a drift back below 101.00 but no lower than around 100.60. Thus any stronger bearish stance will require a break below 100.60 and better still yesterday’s 100.29 low which would trigger extension to the 99.34 support. This should hold on the day. Next larger support is then found at 98.54. |
| MT Bearish: | The 100.01 low marks the level to break to extend losses. Only if seen would I look for 99.34 initially and probably further down to 98.54 which should force a correction before seeing additional losses. (14th April) |
ELLIOTT WAVE COMMENTS
We could still be within a short term triangle above 100.30 or possibly in a return back to the 102.93 high.
Only below 100.01 should see a retest of the prior Wave (b) at 98.54 at the very least.
15th April
I suspect that in the short term we are in a triangle but we need to be aware that this may be a Wave x within a larger pullback from the 102.93 high. 101.80 should be the next barrier and on the downside around 100.60.
Use these as break signals for stronger directional moves.
Ian Copsey
See Also
- Pro Commentary
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