Trading began the day at 1135.25, with prices trading to a high of 1137.75 by around 10am market time. From there prices traded back to the downside, moving down to 1127.75 before spending the rest of the day trapped in a 3 point range of consolidation between 1129.00 and 1132.25 closing the day at 1132.00. The range for the day was 10 points while the gap at 1143.00 from Tuesday was left unfilled.
Watching for prices to decide on the trend in the next day or two, the last few months have been giving us as ascending wedge pattern which we are into the end of. If we have prices move down through 1127.50 and continue to the downside we could be looking at a breaking of the supporting trend line and a possible change in direction with the next level of support in around the 1112.50 area, an area we struggled with for a while before we finally made it through. If prices do not move down they could move back up to retest the 1150.00 area, where if moved through would give us a continuation off of the supporting trend line and bring us out of the ascending wedge into a new channel of trading ranges.
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