INT extended the decline off the 42.12 high (11 Nov 2011), just shy of the 42.15 peak (25 Feb 2011), through the 39.23 pivot support to confirm a double top formation (at 42.03/42.12 highs). Further weakness below 36.70 would expose the 37.00 higher low (Support 1). A breakdown there would open 35.10 (Support 2) which guards 31.58 (Support 3).
It would take strength above 40.00 (Resistance 1) to delay bears. However, only above 40.66 (Resistance 2) would negate and shift focus higher towards 42.12(Resistance 3) for a retest.
Trading Indication:
Short-term: Sell at 39.70 or higher;
Target at 37.00 and lower;
Stop Loss at 40.10 (1.0%)
Long-term: Possibly buy lower
It would take strength above 40.00 (Resistance 1) to delay bears. However, only above 40.66 (Resistance 2) would negate and shift focus higher towards 42.12(Resistance 3) for a retest.
Trading Indication:
Short-term: Sell at 39.70 or higher;
Target at 37.00 and lower;
Stop Loss at 40.10 (1.0%)
Long-term: Possibly buy lower
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