Remains in consolidation below the 170.00 level after failure to sustain break to 170.30 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 174.75 | ** | 25 Aug 1992 year high | S1 | 169.40/00 | * | congestion | |
R3 | 173.00 | * | 8 Sep 1992 high | S2 | 168.00 | * | congestion | |
R2 | 171.60 | ** | 29 Apr YTD high | S3 | 167.33 | * | 16 May low | |
R1 | 170.00 | * | figure | S4 | 166.00 | congestion |
Asterisk denotes strength of level
01:00 GMT - Remains in consolidation below the 170.00 level after failure to sustain break to 170.30 high. Pressure remains on the upside and clear break here will see room for extension to the 171.00 level then the 171.60, April YTD high. However, negative divergence on weekly chart caution corrective pullback with support raised to the 169.40/169.00 area which should now underpin. Break here is needed to return focus to the downside for retest of the strong support at the 168.00 level and 167.33 low of last week. Below these will open up the 167.00/166.00 congestion to retest.