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While the medium term technical outlook remains decisively bearish with completed topping patterns capable of pushing values lower in the weeks ahead, the speed and extent of recent falls leaves this market vulnerable to potentially sharp but probably short lived corrective rebounds in the coming sessions. Resistances wait now at initially 6530/50 then again towards the 6610/30 zone with a clear and sustained break back above here needed to relieve current downward pressure. Local supports are visible in the 6200/20 zone with a close beneath here needed to set up a retest of the historically important 6030/50 zone.

TRADING STRATEGY: Would prefer the short side but only on sharp corrective bounces.


While the underlying bullish outlook is undisturbed with higher targets still readable in the week’s ahead, interim resistance in and around the 2070/80 area is proving…….