Price: 162.37
| Resistance: | 162.57 | 162.82 | 163.15 | 163.45 |
| Support: | 162.24 | 162.05 | 161.78 | 161.40 |
| Bias: | Mixed – waiting for a break |
| Daily Bullish: | Yesterday’s strength came as a surprise and confuses the underlying picture although I still find it tough to have a larger bullish view. However, the move to 163.15 does seem to suggest that we could still see 163.45 and if that gives way then possibly 164.01-44. While the upside remains valid we really need the 162.05 area to support. A move back above 162.55-60 will assist back to yesterday’s high and above. |
| MT Bullish: | 21st May: I would still prefer to see losses develop directly but until the 161.25-44 area breaks we should be aware of the risk of one last attempt to the 163.45 resistance. Also note 163.85. |
| Daily Bearish: | Yesterday’s spike up to 163.15 was clearly not expected but does mean that we need to be on our guard. If there is to be a direct reversal lower then we’ll need a move through the 162.05 area. If seen it should extend losses to 161.25-40 but on first attempt it should cause a pullback. Breach would extend losses through 160.87 and to 160.12-33 at least. |
| MT Bearish: | 19th May: A cap has been seen at the right resistance but we still haven’t had confirmation of additional losses. Break of 161.25 would provide a move back to 160.19 and probably through 159.60 for 158.59 again. |
ELLIOTT WAVE COMMENTS
20th May
Without break of 161.25 I can’t rule out a more complex correction but I do feel the downside remains the next larger move in a new Wave –a- lower that should eventually retest the 158.59 low.
22nd May
Still no confirmation of a break lower and yesterday’s marginal new high almost suggests we could see the 76.4% retracement at 163.45.
If this breaks then a stronger bullish structure would imply a move to the 138.2% projection in 164.01 and possibly the 161.8% projection at 164.44.
Ian Copsey
See Also
- Pro Commentary
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