Steadied at the 164.00 level as prices consolidate the steep drop from 171.60 high and unwind oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 169.39 | * | 26 Apr high | S1 | 164.00 | ** | congestion | |
R3 | 168.00 | * | congestion | S2 | 163.70 | * | Feb high | |
R2 | 165.65 | * | 29 Apr low | S3 | 163.00 | 19 Apr low | ||
R1 | 165.35 | * | Mar high | S4 | 162.27 | * | 12 Apr low |
Asterisk denotes strength of level
01:20 GMT - Steadied at the 164.00 level as prices consolidate the steep drop from 171.60 high and unwind oversold intraday studies. Daily chart are stretched as well and see scope for bounce to the 165.35/165.65 resistance. Above here will see room for stronger bounce to the 168.00 level which is expected to cap. Lower high sought to further pressure the downside later and break of the 164.00 level and the 163.70 support will see room for deeper pullback to retrace strong rally from the December low. Lower will open up deeper pullback to the 163.00 level then 162.27/00 support.