Consolidation at the 16000 level has given way to stronger bounce to extend gains from the 15914 low
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
02:35 GMT - Consolidation at the 16000 level has given way to stronger bounce to extend gains from the 15914 low. Higher will see room to the strong resistance at the 16100/16139 area. The latter is expected to cap and give way to fresh selling pressure to retest the 15964 support and where break will open up the 15914 low to retest. Break here will extend losses from the 16284, the April YTD high and see deeper pullback to retrace the broad November/April rally. lower will see room to the 15845 support then the 15774/15739 previous highs.