Today's Support and Resistance levels:
R3: 132.78
R2: 132.27
R1: 132.01
Current Spot: 131.73
S1: 131.37
S2: 131.09
S3: 130.72
Technical overview:
We have been locked in a price range between 130.71 and 132.27 since late Friday. However, we are still looking for a continuation higher towards the next minor resistance at 132.78 and possibly higher towards our ideal target near the former high at 133.81. That said, we regard this rally as a part of a complex correction and once this rally is over we should see an impulsive decline towards at least 124.96 and possibly even lower. Short-term support at 130.72 will protect the downside, but we will need a break below strong support at 129.67 to confirm, that this b-wave rally is over and wave c lower is developing.
Trading recommendation:
We will stay neutral for now and await a more clear picture.
