On the upside, false breakouts have become more frequent in recent months. Although the stock is reaching new highs, it is not being bought procyclically. There are repeated pullbacks. Our main scenario envisages a sideways phase between USD 108 and 123. Only a sustainable breakout above USD 130 on a weekly and monthly closing price basis would trigger new upside potential.
Below USD 108, there are direct risks to USD 92. Below USD 92 is “bear territory” for the time being.
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