Break above the 197.10/198.00 resistance extending rally to approach the 200.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 202.45 | * | 13 Aug 2008 low | S1 | 198.00 | * | congestion | |
R3 | 201.80 | 21 Aug 2008 low | S2 | 197.10 | 15 May high | |||
R2 | 200.55 | ** | 29 Apr YTD high | S3 | 196.00 | * | congestion | |
R1 | 200.00 | * | figure | S4 | 195.00 | * | 16 May low |
Asterisk denotes strength of level
07:40 GMT - Break above the 197.10/198.00 resistance extending rally to approach the 200.00 level. Above here will see room for retest of the April YTD high 200.55. Deep overbought daily studies suggest reaction here likely to consolidate strong rally from the 191.30, early-May low. Meanwhile, support is raised to the 198.00 congestion now expected to underpin. Would take break here to see room for deeper corrective pullback to the 197.10 previous high then the 196.00/195.00 area. Break above the 200.55 high, if seen, will see scope to 201.80/202.45 area.