General overview for 02/09/2014 11:50 CET
There complex corrective structure labeled as WXY brown is developing as anticipated. After blue wave (b) is completed, higher prices are expected. The fist minimum target for blue wave (c) is at the level of 138.15 but further upside levels are possible as well. The key intraday level for bulls is intraday support at the level of 137.40 and a rebound is expected either there or from the lower channel line somewhere at the level of 137.10.
Support/Resistance:
138.15 - WR2
137.98 - Intraday Resistance | Technical Resistance|
137.40 - Intraday Support
137.37 - WR1
136.90 - Weekly Pivot
Trading recommendations:
All traders who had opened buy positions should keep an eye on the level of 137.98: breakout higher is bullish and a failure here is bearish.