Bulls are taking a breather after strong rally in past two days (0.8% advance), with firm bullish bias being intact and focusing targets at 114.20 (12 Nov) and 114.54 (2018 high). Tuesday’s marginal close above 113.75 pivot (Fibo 76.4% of 114.20/112.30) was bullish signal, however, bulls may enter consolidative phase before continuing. Weaker momentum and overbought slow stochastic support the notion. Dip-buying strategy remains favored, with dips facing initial support at 113.48 (broken Fibo 61.8%) then 113.34 (rising 20SMA) and extended downticks expected to find ground above 10SMA (113.17).
Res: 113.90, 114.20, 114.54, 114.73
Sup: 113.48, 113.34, 113.17, 113.05
