Break above the 193.55 resistance see prices extending bounce from the 191.30 support and unwind the oversold daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 200.55 | ** | 29 Apr YTD high | S1 | 193.55 | * | Mar high | |
R3 | 198.00 | * | congestion | S2 | 191.30 | * | Feb high | |
R2 | 197.00 | * | 61.8% Apr/May fall | S3 | 190.00 | * | Apr low, congestion | |
R1 | 195.75/00 | * | 2 May high, congestion | S4 | 188.65 | ** | Nov 2023 year high |
Asterisk denotes strength of level
07:15 GMT - Break above the 193.55 resistance see prices extending bounce from the 191.30 support and unwind the oversold daily studies. Higher will see room for stronger gains to correct losses from the April YTD high at 200.55 towards the 195.75/196.00, 2 May high and congestion area. Higher still, will see scope to the 197.00 level and 61.8% Fibonacci level. Meanwhile, support at the 193.00 level now expected to underpin. Failure here will see return to the 191.30 low and where break will open up deeper pullback to the 190.00 level then the strong support at 188.65, the November 2023 year high.