Limited recovery action on Tuesday, after the price showed signs of stall after failing to sustain gains above initial barriers at $47.89/98 (converged 100/10SMA’s) keep near-term risk shifted lower.
Strong support, provided by daily cloud top ($47.01) which contained Monday’s strong bearish acceleration, could be retested if the price continues to lose traction.
Violation of cloud top would then risk retest of key near-term support at $46.44 (17 Aug low) reinforced by 55SMA, loss of which would signal bearish continuation of the downleg from $50.41 (01 Aug high).
Conversely, sustained break above 100/10 SMA’s would sideline downside risk, but extension above $48.72 pivot (double upside rejection / 20SMA) is needed to neutralize and turn bias higher.
Res: 47.89; 47.98; 48.72; 49.51
Sup: 47.35; 47.01; 46.44; 46.22
