The support is provided by the 76.4 percent Fibonacci retracement on the rise from the Nov. 8, 2013 low of $102.98 to the June 19 high of $115.71. It has been strengthened by another similar one established by a trendline rising from the April 18, 2013 low of $96.75.
These two supports could work together to stop a further fall. However, it is not very clear if a rebound could be triggered towards the 61.8 percent retracement at $107.84.
A drop to $105.60 will confirm a break below $105.98 and the April 2 low of $103.95 will be targeted then.
The views expressed are his own.
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