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June \u201913 <\/strong>is testing the top of a channel that\u2019s been on our chart for a while, in fact the this line gave us Friday\u2019s 99.765 high.<\/div>\n
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99.825 is the next target above here (A Fibonacci extension) but the search for resistance levels is something akin to a lottery because it\u2019s a slow grind higher into uncharted waters, with par looking large.<\/div>\n
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Support-wise there is an uptrend line sitting at 99.695, in front of the last higher low at 99.655.<\/div>\n
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Daily MACD is flat lining, RSI is showing some divergence without giving a firm signal, and Stochastics is nudging overbought.<\/div>\n
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Bollinger Bands suggest we might see a bit of a pullback from here, but 99.665 should do a job as support, so only a \u201cbit\u201d!<\/div>\n
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Today:<\/strong><\/div>\n
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We discussed a number of reason yesterday to think that we could possibly be topping out at these levels, but the key thing we ask for is a reversal pattern then confirmation.<\/div>\n
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We now have the reversal pattern. Yesterday things started off strongly then selling was seen. This selling took us through Friday\u2019s low and we closed weakly, leaving a large red real body that \u201cEngulfs\u201d the smaller green real body posted on Friday.<\/div>\n
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If we now CONFIRM this with a break of trend support at 99.70 we\u2019ll look for a pullback.<\/div>\n
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Maybe today\u2019s raft of numbers will be a catalyst to decide this either way!<\/div>\n
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![\"\"](\"http:\/\/www.futurestechs.co.uk\/blog\/wp-content\/uploads\/2012\/08\/bor1408.jpg\" "\\"bor1408\\"")
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