Edging lower from the 195.95/195.70 highs
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 198.00 | * | congestion | S1 | 193.50 | * | congestion | |
R3 | 197.40 | * | 61.8% Jul/Aug fall | S2 | 192.00 | * | congestion, 4 Oct low | |
R2 | 195.95 | ** | Sep high | S3 | 190.00 | ** | congestion | |
R1 | 195.70 | * | 14 Oct high | S4 | 188.00 | * | congestion |
Asterisk denotes strength of level
06:30 GMT - Edging lower from the 195.95/195.70 highs as prices unwind the overbought intraday and daily studies. Nearby see support at the 193.50 congestion and break here will open up deeper pullback to retrace gains from the 190.00 level. Below the latter will return focus to the downside to retrace strong run-up from the 184.00, September low. Meanwhile, resistance at the 195.70/195.95 highs expected to cap. Break here, if seen, will see open up further extension to the 197.40, 61.8% Fibonacci level, then the 198.00 level.