Pivot: 59
Our preference: Short positions below 59 with targets @ 40 36.8 in extension.
Alternative scenario: Above 59 look for further upside with 70 77 as targets.
Comment: As long as the process of lower tops and bottoms is intact further price declines are expected. Furthermore, the declining 20-day and 50-day moving averages maintain the downside bias.
Supports and resistances:
77 **
70 **
59 ***
45.49 Last
40 **
36.8 **
33 **
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