Support – 201.80, 194.20
Resistance – 219.05, 222.20
Gap down opening on May 5 after prices failed to capitalize on a bullish break from a larger falling trend line on daily chart indicates the recovery from Feb 11 low has ended and bears could take it lower to 194.20 levels in short-run.
On the higher side, gap filling may happen, but requires a move above...
Price has come up to tramline which could be an area where the price falls again due to overbought stochastics, potential wave 4 completion and resistance from way back in 2012 around the 280 level.
Price has broken above tramline but as long as it doesn't go above 304 this analysis still stands in my opinion.
Targeting 200 which would fall on the tramline but...
