Bounce from the 99.00 support has seen gains checked at the 100.80 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 102.62 | * | Jun low | S1 | 100.00 | * | figure | |
R3 | 102.00 | * | 61.8% Jul/Aug fall | S2 | 99.00 | * | Aug high, congestion | |
R2 | 101.42 | * | 7 Oct high | S3 | 98.00 | * | congestion | |
R1 | 100.80 | * | 9 Apr high | S4 | 97.00 | * | congestion |
Asterisk denotes strength of level
06:50 GMT - Bounce from the 99.00 support has seen gains checked at the 100.80 resistance and clearance here needed to open the 101.42 high to retest. Break here, if seen, will open up stronger gains to 102.00, 61.8% Fibonacci retracement. However, gains are seen corrective of the broad July/August losses and lower high sought to further pressure the 99.00 support. Break of the latter will return focus to the downside and see scope for retest of the 98.00 support. Below this will see deeper retracement of the strong rally from the 94.00/93.60, September lows.