Daily Pivots: (S1) 141.31; (P) 141.90; (R1) 143.05; More…
The break of 142.16 support turned resistance suggests that corrective full from 148.42 has completed at 136.44. And, larger rise from 122.36 isn’t finished yet. Intraday bias is back on the upside for 145.38 first. Break will target retest of 148.42 high. On the downside, below 140.74 minor support will turn bias to the downside for 136.44. Break will extend the fall from 148.42 to 61.8% retracement of 122.36 to 148.42 at 132.31 and below.
In the bigger picture, price actions from 122.36 medium term bottom are seen as developing into a corrective pattern. Upside is so far limited below 38.2% retracement of 195.86 to 122.36 at 150.42 for setting the medium term range. At this point, we don’t expect a break of 122.36 in near term and the corrective pattern would extend for a while. Though, sustained break of 150.42 will target 61.8% retracement at 167.78.
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