Daily Pivots: (S1) 125.59; (P) 126.22; (R1) 127.03; More….

Breach of 126.75 resistance suggests resumption of whole rise from 114.42. Intraday bias is back on the upside for 128.67 fibonacci level. On the downside, break of 124.44 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 55 week EMA (now at 121.54) holds. However, sustained break of 55 week EMA will revive medium term bearishness for another low below 114.42 at a later stage.

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