The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 10 high of $1,345 to the Oct. 6 low of $1,183.46.
The next resistance will be at $1,245, the 38.2 percent retracement, a break above which will open the way towards $1,264, the 50 percent retracement.
Based on the bullish momentum that drives the current rise, there might not any pullback towards $1,222, now a support.
The views expressed are his own.
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