Pivot: 104.00
Our Preference: As long as 104.4 is resistance, look for choppy price action with a bearish bias.
Alternative Scenario: Above 104.4 eye a bounce towards 109 and 112.25 in extension.
Comment: the price is capped by a negative trend line drawn from the top in August. The 20-day and the 50-day moving averages are heading downward, turning into areas of resistance.
Trend: ST Ltd downside; MT Range, we have been neutral since 2 OCT 2013 (101.5).
Key levels Comment
112.252 Fib projection
109 Horizontal resistance
104.4 Pivot point
97 Last
95.8 Fib retracement (50%)
91.3 Horizontal support
85.7 Horizontal support
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