Steadied at the 191.30 support and bounce here see prices unwinding the oversold intraday studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 200.55 | ** | 29 Apr YTD high | S1 | 191.30 | * | Feb high | |
R3 | 198.00 | * | congestion | S2 | 190.00 | * | Apr low, congestion | |
R2 | 196.00 | * | congestion | S3 | 188.65 | ** | Nov 2023 year high | |
R1 | 193.55/60 | * | Mar high, congestion | S4 | 188.00 | * | Mar low, congestion |
Asterisk denotes strength of level
06:40 GMT - Steadied at the 191.30 support and bounce here see prices unwinding the oversold intraday studies. However, both the daily and weekly studies continues to weaken and highlights risk for break here to further extend losses from the 200.55, YTD high. Lower will see room to the 191.30 support then the 190.00 level. Below these will see scope to the strong support at 188.65, the November 2023 year high. Meanwhile, resistance is lowered to the 193.55/60 area and is expected to cap. Break here, if seen, will open up stronger bounce to the 196.00 congestion.