Monthly: Price action in February posted a bearish Outside Month, often an indication that the rally is over and the start of a new downward bias. The Marabuzo level from February (mid-point form open and close) is located at 150.84. We closed underneath that level in April
Weekly: The weekly chart highlights mixed trading for the last 74 weeks. Price action this week has seen the trend line support at 147.36 broken. What was support, now becomes resistance. The measured move target for this formation is located at 136.00
Daily: The trend of higher lows (blue line) was located at 147.60. Reverse trend line resistance is now located at 147.66. With bespoke resistance seen at 147.62, this is our prime area to get short.
