Daily Pivots: (S1) 149.49; (P) 150.24; (R1) 151.38; More…
Break of 150.92 support turned resistance suggests short term bottoming at 148.55, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for stronger rebound to near term falling channel resistance (now at 152.61). On the downside, break of 148.55 will resume the fall from 158.86 to 61.8% retracement of 139.57 to 158.86 at 146.32 next.
In the bigger picture, price actions from 161.94 are seen as a corrective pattern to rise from 102.58 (2021 low). In case of another fall, 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.
. On the downside, break of 148.55 will resume the fall from 158.86 to 61.8% retracement of 139.57 to 158.86 at 146.32 next.){kind=link}