Settled into consolidation at the 16000 level but further gains not ruled out
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 16284 | ** | 19 Apr YTD high | S1 | 15964 | * | Oct high | |
R3 | 16200 | * | congestion | S2 | 15914 | * | 16 May low | |
R2 | 16139 | * | 24 Apr low | S3 | 15845 | * | Jan high, congestion | |
R1 | 16100 | * | 16 Apr low | S4 | 15774 | * | 5 Mar high |
Asterisk denotes strength of level
03:15 GMT - Settled into consolidation at the 16000 level but further gains not ruled out to extend bounce from the 15914 low. Higher will see strong resistance at the 16100/16139 area expected to cap. Corrective gains expected to give way to fresh selling pressure later and break of the 15964 support and the 15914 low will see room for deeper pullback to retrace the broad November/April rally. Lower will see room to the 15845 support then the 15774/15739 previous highs. Lower still, will see scope to the 15700 level and 15648 support.