June 2015 Contract
A consolidation start the week and more expected into Tuesday, with a mixed tone from last week.
A bounce from ahead of minor support at 1188 (off of 1192), but only after a push below notable gap/ trend line/ chart supports leaves a neutral tone early this week.
However, the strong rally to start April, through the March peak at 1220 to probe the chart/ retrace resistance area at 1223/25 signaled a bullish shift into April, but we now view this potentially as a head fake move.
For Today: We see a neutral tone between 1213/16 and 1192.
Break above 1213/16 aims for 1224/25, which we would look to try to cap.
Break below 1192 aims for 1180/78, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
Whilst above 1178 we see a positive tone with the bullish threat above 1224/25.
Above here targets 1244/46; break here aims for 1275.
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