Daily Pivots: (S1) 132.80; (P) 133.00; (R1) 133.30; More….

A temporary top is formed at 133.42 with current retreat and intraday bias is turned neutral first. Outlook will remain bullish as long as 130.97 support holds. Above 133.42 will resume larger up trend form 114.42, for 100% projection of 114.42 to 127.07 from 121.63 at 134.28.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

Source link