Extending bounce from the 164.00 level and break of the 165.35 resistance has seen rally through the 166.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 168.67 | * | 1 May high | S1 | 165.35 | * | Mar high | |
R3 | 168.00 | congestion | S2 | 164.00 | ** | congestion | ||
R2 | 167.38 | * | 2 May high | S3 | 163.70 | * | Feb high | |
R1 | 166.90 | * | 61.8% 1st May fall | S4 | 162.27 | * | 12 Apr low |
Asterisk denotes strength of level
01:10 GMT - Extending bounce from the 164.00 level and break of the 165.35 resistance has seen rally through the 166.00 level. 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 scope 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 165.65/35 area which now underpin. Break here will expose the 164.00 level to retest and see room for deeper pullback to retrace strong rally from the December low.