Daily Pivots: (S1) 141.25; (P) 141.81; (R1) 142.89; More….

With 4 hours MACD crossed above signal line again, intraday bias is turned neutral again. As this point, we’ll continue to look for bottoming signal around 61.8% retracement of 135.58 to 148.09 at 140.35 to bring rebound. Break of 143.93 will indicate near term reversal and turn bias back to the upside. However, sustained break of 140.35 will bring deeper fall to 135.58 key support level.

In the bigger picture, rise from 122.36 medium term bottom is still expected to extend to of 195.86 to 122.36 at 150.42. And decisive break there could pave the way to 61.8% retracement at 167.78. However, as the cross is starting to lose upside momentum, rejection below 150.42 and break of 135.58 support will indicate reversal and bring deeper fall back to retest 122.36 instead.

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