Pivot: 1238
Our preference: Long positions above 1238 with targets @ 1255 1267 in extension.
Alternative scenario: Below 1238 look for further downside with 1227 1218 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1278 **
1267 **
1255 **
1242 Last
1238 **
1227 **
1218 **
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