Median line has held support and price has consolidated since oct 2014, but last weeks
PA may signal a retracement and test of the Yearly PP around 1300, which is also horizontal
resistance/Monthly R2. The sharp move from the reaction point at the top of the pithfork in
july 2014, may suggest at least a test of the Yearly S1 around
1080. Price is in a downtrend from 2011 and is trading well below the 200 SMA, why selling
bounces is the favoured strategy, were 1300 will give an excellent opportunity, if that level is reached.
However, a return back down (after failing to create a new 11 week high on Daily timeframe last week)
and breaching of Monthly PP at 1211 may expose current lows and a possible trend continuation.
PA may signal a retracement and test of the Yearly PP around 1300, which is also horizontal
resistance/Monthly R2. The sharp move from the reaction point at the top of the pithfork in
july 2014, may suggest at least a test of the Yearly S1 around
1080. Price is in a downtrend from 2011 and is trading well below the 200 SMA, why selling
bounces is the favoured strategy, were 1300 will give an excellent opportunity, if that level is reached.
However, a return back down (after failing to create a new 11 week high on Daily timeframe last week)
and breaching of Monthly PP at 1211 may expose current lows and a possible trend continuation.
