| Resistance: | 97.83 | 98.15 | 98.30-48 | 98.70 |
| Support: | 97.26-33 | 97.13 | 96.94 | 96.77-82 |
BIAS: We need a correction first before another rally
MAIN ANALYSIS: This morning's gap higher has broken above the 97.61 high. It hasn't been by much and as such we still need to be cautious in case we have seen a recycling higher. However, I do feel there is a bullish case with the hourly bullish divergence and therefore suggest considering the 97.13-30 area for any signs of a reversal higher. Back above 97.83 would extend gains to 98.30-48 at least but take care until price breaks above 98.50 as a second correction lower does appear to be implied.
COUNTER ANALYSIS: Below 96.94 should see losses towards the 96.56 low but take care there. Only breach would extend losses to 96.35-40 and to the 95.92-06 area at least. Also note the 95.60 projection target.
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