Pivot: 61.5
Our preference: Short positions below 61.5 with targets @ 33 25 in extension.
Alternative scenario: Above 61.5 look for further upside with 70 77 as targets.
Comment: As long as 61.5 is resistance, likely decline to 33. The 20-week and 50-week moving averages are declining and act as resistance roles. The RSI is capped by a descending trend line (since 2011).
Supports and resistances:
77 **
70 **
61.5 ***
43.75 Last
33 **
25 **
20 **
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