Former support at 15.50 has failed to hold the market. The long-term down trend once again resumes with a new price target of roughly 12.85. Below that there is a fuzzy extension level around 10.35 but reliability is limited (at this point). Regardless, down side potential is good enough for some trading short-entries with stops above 17.50<>17.55. For a true change in trend and/or shift in sentiment we want to see a move above 19.50. A rally which seems remote at this point, especially with such widespread selling.
Near term trend: negative
Long term trend: negative
Outlook: trend continuation, negative
Strategy: avoid or short-entry
Support: 15.50 / 12.85* / 10.35*
Resistance: 17.55 / 19.50 / 20.60 / 21.85
Outlook cancelled/neutralized above 19.50
Near term trend: negative
Long term trend: negative
Outlook: trend continuation, negative
Strategy: avoid or short-entry
Support: 15.50 / 12.85* / 10.35*
Resistance: 17.55 / 19.50 / 20.60 / 21.85
Outlook cancelled/neutralized above 19.50
Trade closed: target reached