Overview

The current development indicates that the consolidation pattern from 180.36 has been completed at 188.79. A deeper fall is expected for a test of the 180.36/64 support zone. For the moment, the outlook will stay bearish as long as the 188.79 resistance holds even in case of recovery. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 184.14; (P) 184.72; (R1) 185.20