The resistance was formed at the 61.8 percent Fibonacci projection level of a downward wave (c) that started at the April 14 high of $1,330.90. The next resistance will be at $1,274, the 50 percent projection level.
A further surge above $1,274 may be capped at $1,280, a resistance exerted by the trendline descending from the March 17 high of $1,391.76.
Support is at $1,252, a break below which will signal a resumption of the downtrend towards $1,243, the 76.4 percent level.
The views expressed are his own.
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