Daily Pivots: (S1) 149.24; (P) 150.12; (R1) 150.85; More…
As long as 151.85 minor resistance holds, pull back from 153.39 should extend lower for 146.96 key support level. We’d look for strong support from there to bring rebound. On the upside, above 151.85 minor resistance will indicate that the pull back is finished. And intraday bias will be turned back to the upside for 153.39.
In the bigger picture, outlook is mixed up a bit with last week’s sharp decline. But still, as long as 146.96 key support holds, medium term outlook remains bullish. Rise from 122.36 is in favor to extend to 61.8% retracement of 195.86 to 122.36 at 167.78. However, break of 146.96 support will indicate trend reversal. And the corrective structure of rebound from 122.36 will argue that larger down trend is resuming for a new low below 122.26.
