The longer term trend remains quite bearish but the near term trend is only moderately negative and quite mature. In other words, we do expect lower levels on the longer term, but some sort of consolidation on a 1-3 month horizon is relatively likely. Certainly not a chance to go long or expect a major reversal, but things could become too choppy to hold excessive shorts.
Prepare to cover (all or some) if 160.32 is taken out as intraday resistance.
- Primary trend: negative
- Outlook: mature down trend, moderately negative
- Strategy: hold-short with trailing stops (>160.32)
- Support: 159.40 / 157.60 / 155.20-
- Resistance: 160.32 / 160.85 / 164.03
- Outlook cancelled/neutralized above 160.32
420-minute intraday chart