Spot Price: 118.25
Technical Analysis:
Short trade was taken on the o/s hourly rebound to 118.85, the 10-day MA line. Prices have since broken the 118.25 intraday low and we have lowered our stop to lock in a modest profit. Hourly studies remain oversold. Our target is 118.00, the Aug 7 low. Wed"s failure into the 38.2% Fibo at 119.85 gives bears the edge for now.