Preference: LONG positions above 1242 with 1279 & 1294 in sight.
Alternative scenario: The downside penetration of 1242 will call for a slide towards 1226 & 1212.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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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