Consolidation at the 164.00 level has seen prices giving way to bounce to clear resistance at the 165.35/165.65 area.
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 168.00 | congestion | S1 | 165.00 | figure | |||
R3 | 167.38 | * | 2 May high | S2 | 164.00 | ** | congestion | |
R2 | 166.90 | * | 61.8% 1st May fall | S3 | 163.70 | * | Feb high | |
R1 | 166.30 | * | 50% 1st May fall | S4 | 162.27 | * | 12 Apr low |
Asterisk denotes strength of level
01:10 GMT - Consolidation at the 164.00 level has seen prices giving way to bounce to clear resistance at the 165.35/165.65 area. This open up stronger recovery to retrace the drop from the 1st May high towards 166.30/166.90 resistance. Gains above these, if seen, will see room for retest of 167.38 high and the 168.00 congestion. Correction expected to give way to selling pressure later with support now raised to the 165.00 level then the 164.00 level and the 163.70 support. Break here will see room for deeper pullback to retrace strong rally from the December low to the 163.00 level then 162.27/00 support.