The bears are trying to take advantage of severely overbought technicals to try and wrest back control from the rampant bulls but even breaking below an hourly low at 82.25 is proving to be a difficulty task. Nevertheless with the weekend almost upon us and the market undoubtedly sitting long, I suspect that there will be plenty of trailing stops below 82.20 which might get triggered during European trade. Selling now between 82.50/60 hoping for a bearish break, with a stop above yesterday’s highs, makes good risk-reward sense (for bears that is).
