The attached H4 chart demonstrates the price’s actions from 195.86 as a sideway consolidation pattern. Thus, while another rise cannot be ruled out, strong resistance should be seen around 195.86 to limit upside and result inreversal. Below, the support at 190.99 will turn bias back to the downside for 184.95 and possibly further to 61.8% retracement of 174.86 to 195.86 at 182.88.
The up trend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is closer to the psychological level of 200. Medium-term momentum is not too convincing with bearish divergence condition on the weekly MACD. We would be cautious on medium-term topping around 200 and bring a deep correction. Meanwhile, a break of 174.86 will suggest earlier-than-expected reversal of the trend.
- Support: 193.21, 192.37, 191.00
- Resistance: 193.53, 194.58, 195.82
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