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The break above above 145.50 has confused our bearish outlook. At this point, we have to take a neutral stand and await a more clear count before engaging again.
A break above resistance at 146.47 will shift the short-term bias towards the upside for a new rally towards 148.50 and 151.50 as the next targets. On the other hand, a break below 143.79 will confirm more downside pressure towards 141.00 before a corrective low should be in place.
R3: 148.03
R2: 147.38
R1: 146.47
Pivot: 145.55
S1: 145.13
S2: 144.85
S3: 144.36
Trading recommendation:
Our stop at 145.50 was hit for a loss and we has taken a neutral stand for now.
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