Consolidation below the 105.00 level has given way to break higher to extend gains from the 104.25/00 support
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 106.50/52 | ** | 1 May, 16 Apr YTD high | S1 | 104.50 | * | 3 May low | |
R3 | 106.00 | congestion | S2 | 104.25/00 | * | 38.2%, congestion | ||
R2 | 105.75 | * | 9 May high | S3 | 103.55 | * | 50% Dec/Apr rally | |
R1 | 105.50 | * | congestion | S4 | 103.17 | 21 Mar low |
Asterisk denotes strength of level
05:10 GMT - Consolidation below the 105.00 level has given way to break higher to extend gains from the 104.25/00 support area. Daily studies continues to track higher and correct losses from the 106.52, April YTD high, towards strong resistance at the 105.50/105.75 area. Corrective gains are expected to give way to selling pressure later and break of the 104.25 support and 104.00 level will see room to extend losses from the April YTD high at 106.52 to target 103.55, the 50% Fibonacci retracement. Lower still will open up deeper pullback to support at the 103.17/00 area.