Pivot: 49.5
Our preference: Long positions above 49.5 with targets @ 52.5 53.5 in extension.
Alternative scenario: Below 49.5 look for further downside with 48.2 47 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
54.8
53.5
52.5
50.59 Last
49.5
48.2
47
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