Extending choppy gains and break above the 150.00 level opens up scope to resistance at 150.75/90
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 152.65 | 30 Jul low | S1 | 148.85 | 15 Oct low | |||
R3 | 152.00 | ** | congestion | S2 | 148.00 | * | congestion | |
R2 | 150.90 | * | Feb high | S3 | 147.35 | * | 8 Oct low | |
R1 | 150.75 | * | 50% Jul/Sep fall | S4 | 146.00 | ** | congestion |
Asterisk denotes strength of level
00:45 GMT - Extending choppy gains and break above the 150.00 level opens up scope to resistance at the 150.75/90, 50% Fibonacci level and February high. Gains above here, if seen, will turn focus to the strong resistance at the 152.00 level. However, the deep overbought daily studies caution pullback with support starting at 148.85 then the 148.00 congestion. The latter now underpin and break here is needed to fade the upside pressure and open up deeper pullback to retrace recent strong run-up from the 142.00 level. Lower will open up room to the 147.35 support then the 146.50/146.00 area.