Preference: LONG positions above 1266 with targets @ 1295 & 1312.
Alternative scenario: The downside penetration of 1266 will call for 1251 & 1240.
Comment: the RSI has just landed on its neutrality area at 50% and is turning up.
The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.
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