Daily Pivots: (S1) 148.80; (P) 149.64; (R1) 150.19; More…
Break of 146.52 support confirms resumption of decline from 158.86. Intraday bias remains on the downside for s 61.8% projection of 158.86 to 146.52 from 151.20 at 143.57. On the upside, above 147.45 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low), with fall from 158.86 as the third leg. Strong support should be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to bring rebound. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
