Extending gains from the 164.00 level as prices retrace sharp losses from the April YTD high to reach the 167.80/168.00, 50% Fibonacci retracement and congestion
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 169.40 | ** | 26 Apr high | S1 | 166.00 | figure | ||
R3 | 168.67/70 | * | May high, 61.8% | S2 | 165.35 | * | Mar high | |
R2 | 168.00 | * | congestion | S3 | 164.00 | ** | congestion | |
R1 | 167.80 | * | 50% Apr/May fall | S4 | 163.70 | * | Feb high |
Asterisk denotes strength of level
01:05 GMT - Extending gains from the 164.00 level as prices retrace sharp losses from the April YTD high to reach the 167.80/168.00, 50% Fibonacci retracement and congestion. Consolidation here see prices unwinding the overbought intraday studies but a later break higher cannot be ruled out. Clearance will open up stronger recovery to the 168.67/70, May high and 61.8% Fibonacci level. However, gains are seen corrective and expected to give way to selling pressure later with support now raised to the 166.00 level. Below this will open up strong support at the 165.35 then the 164.00 level.