|R4||2907||March 9 high||S1||2636||Break level|
|R3||2858||March 11 high||S2||2485||*||April 6 low|
|R2||2786||**||50% from February 20||S3||2424||April 2 (weekly) low|
|R1||2762||March 12 high||S4||2386||March 23 high|
Asterisk denotes strength of level
14:45 BST - ESM0 has broken above the March 31 high of 2636. Rising daily momentum readings and the positive Tension Indicator highlight the likelihood of further gains in the coming sessions, with the focus now on the 2786 Fibonacci retracement.
Short-term reactions are possible around there while overstretched intraday studies unwind before further gains extend the March 23 rally. Meanwhile, support has been raised to 2636, with that level needing to underpin any immediate setbacks to keep higher levels in focus. A close beneath here, which we do not expect, would add weight to sentiment and turn price action Neutral.