No follow-through on break of the 103.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 104.00 | ** | Jun low | S1 | 102.30 | * | 8 Oct low | |
R3 | 103.65 | ** | Jul low | S2 | 102.00 | * | congestion | |
R2 | 103.30 | * | 50% Apr/Sep fall | S3 | 101.50 | * | 19 Sep high | |
R1 | 103.00 | * | congestion | S4 | 101.00 | ** | congestion |
Asterisk denotes strength of level
06:00 GMT - No follow-through on break of the 103.00 level but further extension of the rally from the 100.15 low cannot be ruled out. However, the daily studies are stretched and caution corrective pullback to the 102.30/102.00 support which is expected to underpin. Failure here will return focus to the downside for retest of the 100.50 and 100.15 lows. Clear break above the 103.00 level will see room for further gains to retrace the April/September losses to the 103.30, 50% Fibonacci retracement. Beyond this will expose strong resistance at 103.65/104.00, July/June lows.