Consolidation below the 156.00 level has given way to fresh break higher
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.20 | ** | 29 Apr YTD high | S1 | 155.15 | 9 May low | ||
R3 | 158.44 | * | 29 Apr high | S2 | 154.80 | * | congestion | |
R2 | 158.00 | * | 1 May high | S3 | 154.00 | * | congestion | |
R1 | 157.00 | * | 61.8% Apr/Mar fall | S4 | 153.00 | * | 1 May low, congestion |
Asterisk denotes strength of level
00:40 GMT - Consolidation below the 156.00 level has given way to fresh break higher to further extend gains from the 152.00 low. Higher will see scope to target the 157.00 level and retrace 61.8% of the drop from the 160.20 high. Higher still, if seen, will see room to the 158.00/158.44 resistance. However, gains are seen corrective and this is expected to give way to selling pressure later with support now at 155.15 and the 154.80 congestion area. Break here is needed to return focus to the downside and see room to the 154.00/153.00 congestion area. Below these will open up scope for retest of the critical 152.00/151.85 support and 3rd May low.