Pivot: 107.85
Our Preference: As long as 107.85 is resistance, look for choppy price action with a bearish bias.
Alternative Scenario: Above 107.85 eye a bounce towards 112.25 and 114.7 in extension.
Comment: the price is capped by a negative trend line drawn from the top in August. The 20-day moving average has slipped below the 50-day moving average and both are heading lower, turning into areas of resistance. On the other had, we see a strong support area around 98.3.
Trend: ST Ltd downside; MT Range, we have been neutral since 2 OCT 2013 (101.5).
Key levels Comment
114.7 Fib projection
112.25 Horizontal resistance
107.85 Pivot point
101.5 Last
98.3 Fib retracement (38.2%)
95.7 Fib retracement (50%)
91.3 Horizontal support
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