Price: 105.36
| Resistance: | 105.40 | 105.68 | 105.83 | 106.18 |
| Support: | 105.00 | 104.65 | 104.44 | 104.15 |
| Bias: | While 105.00-13 holds there is still risk to 105.83 but I suspect a correction from there |
| Daily Bullish: | Direct gains seen on Friday are encouraging but we still need to be a little careful. I feel that the 105.00-13 area should continue to support to enable a test of the first resistance at 105.83. I suspect t his will cap for a correction. Only directly above would extend gains immediately for 106.18. Again care should be taken there. Only above sees 106.47 and possibly the 106.82 target. |
| MT Bullish: | 2nd May: The bullish stance remains with 106.82 as the eventual target and this now looks as if it could reach there directly. We now need the 103.75-00 area to support. However, 106.82 should form a major high. |
| Daily Bearish: | While gains were seen these didn’t quite develop quite as expected so it will be worth noting what will imply a correction lower. First support is at 105.00-13 which I feel will provide some heaviness to price. However, there is moderate support at 103.60-70 and this area needs to break to provide a slightly firmer pullback. If this breaks the watch supports at 104.44 and 104.05-15 ahead of the 103.53-60 area. |
| MT Bearish: | 5th May: Gains are developing as expected and these should reach 106.82 over the next week or two. Only an earlier move below 104.05 provides more ammunition for 103.20 again and possibly further. |
ELLIOTT WAVE COMMENTS
2nd May
The structures I have been looking at within a potential correction appear to be breaking down and this has forced me to consider that we saw the Wave –c- high at 104.63 followed by a Wave –x- to 102.66.
From there it seems more likely now that 104.81 provided the peak in Wave (a) and 103.20 the low in Wave (b).
A 161.8% projection in Wave (c) rests at 106.67. The daily 50% retracement in Wave (iv) is at 106.82.
Thus this 106.67-83 area remains the target for the upside from where we should see losses re-emerge.
Ian Copsey
See Also
- Pro Commentary
Probably the most comprehensive technical report in the market
