No follow-through on probes above the 157.00 level with gains checked at the 157.20 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.20 | ** | 29 Apr high | S1 | 156.00 | * | congestion | |
R3 | 158.44 | * | 26 Apr high | S2 | 155.25 | 17 May low | ||
R2 | 158.00 | * | 1 May high | S3 | 154.80 | * | congestion | |
R1 | 157.20 | * | 23 May high | S4 | 153.60 | * | 16 May low |
Asterisk denotes strength of level
00:30 GMT - No follow-through on probes above the 157.00 level with gains checked at the 157.20 high. Intraday studies are now unwinding overbought reading and see room for pullback to correct gains from the 153.60 low. Daily studies are also stretched and see room to the 156.00 congestion which should underpin. Break here will open up deeper pullback to the strong support at the 155.00/154.80 congestion area. Would take clear break above the 157.00/20 resistance, but not expected, to see room for further extension to the 158.00/44 resistance.