Preference: SHORT positions below 22.85 with 22.25 & 21.95 in sight.
Alternative scenario: The upside penetration of 22.85 will call for 23.4 & 24.1.
Comment: as long as 22.85 is resistance, look for choppy price action with a bearish bias.
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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