experienced wild price action before and after its earnings
reporting day (July 21, 2015). The pre-earnings run-up tested the 133.00 tough 5-month ceiling before backing off. The post-earnings sell-off pressures the 121.63 range support (as shown on the daily chart
). A breakdown below the latter can not be ruled out, triggering further downside towards 119.23 (9 July low) which is near the 200 day moving average and 50% of the 104.63/134.54 rise. A decisive push below there would accelerate the fall towards 116.10 (February 2, 2015 low) near 61.8% of the 104.63/134.54 rise. Further weakness would make it possible to open the range target at 110.26 (133.00-121.63 from 121.63).
The 127.09 level (23 July high) should cap near term. Back above would prolong the consolidation within the 5-month range under 133.00.
Short term: neutral
Long term: neutral