The weekly chart highlights a key support here at ~136. The uptrend line from 2012 and key pivot high/low area of 2013/14 align to offer strong support; the break of 136.23 was quickly rejected last week and a nascent move higher is unfolding. (weekly) S/t, we highlighted the bull flag yesterday (IB updates) and the potential for a rally to 137.71. The wave-B/2 pullback was a clean 3-wave correction and found support right at the 50% retrace. There is minor resistance at 137.07/18 and support is now 136.60. (hourly) Conviction: Medium/High Levels: Support – 136.60, 136.37, 135.73 Resistance – 137.07/18, 137.71, 138.03
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