Risks shifts to the topside
Day trade update and view
A Wednesday surge back higher to reverse above the down trend line from mid-October and .7115res, to reject the plunge from mid-October through multiple supports (notably .7092), to switch the threat to the upside for Thursday.
Day trade setup
- We see an upside bias for .7138/48; a break here aims for .7191/7203 and maybe towards key .7244.
- But below .7067 opens risk down to .7017 and possibly key .7002.
The mid-October push above the key .7209/10 resistance area signalled an intermediate-term shift to a wider range, .7244 to .7002/00.
- Upside risks: Above .7244 see an intermediate-term bull trend to aim for .7345, .7413, .7500 and .7677.
- Downside risks: Below .7002/00 see an intermediate-term bear trend to aim for .7012/00, .6829 and .6773.