Pivot: 47.8
Our preference: Long positions above 47.8 with targets @ 49.8 50.5 in extension.
Alternative scenario: Below 47.8 look for further downside with 46.25 45.5 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
51.25
50.5
49.8
48.77 Last
47.8
46.25
45.5
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