It’s been a good while since we were down at these levels and as Mike has alluded over the last week the bearish views here have built significantly with any doubters since the downgrade.
However the smart money has been made over the last 8 cents or so. Expect reasonable support at 1.5050 on optionality and bigger at 1.5000.
Beware of the profit takers at least for the moment…..topside retracements to 1.5250 are foreseeable in my opinion, so we potentially have a 2 cent range…..when 1.5000 does give in watch out !
