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Corrective Cycle


Trend Signals Still Point North


BLOCK, Red Pack

BTPS: TECHS: (H0) Tepid Bounce
*RES 4: 150.00 Psychological round number
*RES 3: 149.72 3.618 projection of Jan 2 - Jan 10 rally from Jan 22 low
*RES 2: 149.00 Round number resistance
*RES 1: 148.97 High Feb 13 and near-term bull trigger
*PRICE: 148.03 @ Close Feb 20
*SUP 1: 147.11 Low Feb 6 and key support
*SUP 2: 146.56 Low Jan 28
*SUP 3: 145.55 Low Jan 27 and gap low on daily chart
*SUP 4: 144.71 High Jan 24 and gap high on daily chart
After finishing at the lows Wednesday, Thursday trade saw much of these losses
recouped but a worthwhile recovery failed to materialise. This keeps key support
in tact at 147.11. If this gives way, bears will be eyeing 146.56 and 145.55 for
medium-term direction. The drop lower runs counter to some of the more bullish
technical signals that have emerged, which need to press markets above 148.53
initially before the picture improves.