No follow-through on break of strong resistance at the 1370.00 level as prices settled back from the 1373.00 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1385.00 | * | congestion | S1 | 1360.00 | * | congestion | |
R3 | 1380.00 | * | Aug high | S2 | 1355.00 | * | congestion | |
R2 | 1373.00 | * | 17 Oct high | S3 | 1350.00 | ** | Jan high, congestion | |
R1 | 1370.00 | ** | 12 Jul low | S4 | 1340.00 | * | 23 Sep high |
Asterisk denotes strength of level
02:45 GMT - No follow-through on break of strong resistance at the 1370.00 level as prices settled back from the 1373.00 high to consolidate strong rally from the September low. Daily studies are stretched and suggest scope for pullback to unwind overbought readings to support at the 1360.00 congestion. Below the latter will see room for deeper pullback to strong support at the 1355.00/1350.00 area. Lower still, will see scope to 1340.00 support. Meanwhile, resistance at the 1370.00/1373.00 area now expected to cap.