240 1045am
Significant long term resistance has held and a consolidation / pullback has started. 34ma and green channel support, as well as the next blue Fib level are next to watch for support. Yellow and red trend lines could also provide support. Breaking down from green channel would be the first warning that more of a pull back may be developing.
Daily
Significant lift has met resistance - note spike through resistances, however daily bar closes below; current bar opens below and falls off.
We can see the green channel discussed above, it has contained the movement of the recent lift. IF this fails the we would look for more pull back potential. Note the rising 13ma. Several other technicals can be seen below the market that could offer support - note that a drop back to the previous consolidation break out (horizontal yellow s/r near bottom of chart just under 116.500) is technically possible (lots to go through first).
Weekly
Current significant weekly resistance has been highlighted in red. These go back to the end of 2014 and further, having been both support and resistance (s/r). The market is now back at these and once again resistance has been found. The extent is what we are watching for. Still strength in the indicators which suggests a shallow pullback, however the 34 & 13ma's are always a technical possibility.
