Daily Pivots: (S1) 133.82; (P) 134.25; (R1) 134.56; More…
At this point, rebound from 131.68 is still mildly in favor to extend higher. Firm break of 136.34 resistance should confirm completion of pull back from 139.73 and bring retest of this high. On the downside, break of 131.95 support would resume the decline through 131.68 to 129.27 key support.
In the bigger picture, we’re seeing price actions from 122.75 (2016 low) as a sideway consolidation pattern. As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.
