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Buyers have been driving prices up and testing a strong level of resistance at 1194.
At this time, there is testing of support at 1187, with consolidation and indecision at around 1188.50. We shall see which way it goes this afternoon, if there is a test and breakthrough of the top of the ascending wedge at 1194, the next target is the top trendline of the longterm channel.
If the bears come into the market and the support at the bottom of the wedge at 1187 gives way, the next target is 1182. The second target is 1177, which is close to the bottom trendline of the long term channel.
Then to the 200SMA at 1163.
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