Pivot: 1488.00
Our preference: SHORT positions below 1488 with 1441 1423 as next targets.
Alternative scenario: The upside penetration of 1488 will call for 1507 1540.
Comment: the 50 moving average is turning down and the RSI is capped by a bearish trend line. A consolidation seems more likely, as long as 1488 is resistance.
Trend: ST Bearish; MT Bearish
Key levels Comment
1540** Intraday resistance
1507** Fib retracement (61.8%)
1488*** Intraday pivot point
1460.9 Last
1441*** Previous low
1423** Fib retracement (38.2%)
1404** Fib retracement (50%)
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