Strong rally in past three days eventually broke and closed above key barriers at $50.00/10 (psychological barrier / Fibo 38.2% of $55.01/$47.06 descend), generating firmer bullish signal.
Recovery from $47.06 base peaked at $50.45, with subsequent easing signaled by reversal of 4-hr RSI / slow stochastic from overbought territory.
Dips may extend below $50, now acting as initial support and should be ideally contained above $49.25/16 support zone ( yesterday’s low / broken 20SMA / Fibo 38.2% of $47.08/$50.45 rally) ahead of fresh attempts higher.
Also, weekly close above $50.0 handle would be seen as strong bullish signal for extension towards next strong barrier at $51.03 (50% retracement of $55.01/$47.06) reinforced by 100SMA.
Res: 50.45; 51.03; 51.21; 51.73
Sup: 50.00; 49.50; 49.16; 48.67
