Leaning lower in choppy trade from the 101.42 high to consolidate around the 100.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 102.62 | * | Jun low | S1 | 99.00 | ** | Aug high, congestion | |
R3 | 102.00 | * | 61.8% Jul/Aug fall | S2 | 98.00 | * | congestion | |
R2 | 101.42 | ** | 7 Oct high | S3 | 97.00 | * | congestion | |
R1 | 100.80 | * | 9 Apr high | S4 | 96.00 | * | 19 Sep low |
Asterisk denotes strength of level
05:50 GMT - Leaning lower in choppy trade from the 101.42 high to consolidate around the 100.00 level. Break here and the 99.00 support will confirm a 2-week top pattern at the 101.42 high and open up deeper pullback to retrace strong gains from the 93.60/94.00, September lows. Lower will return focus to the downside and see scope for retest of support at the 98.00/97.00 congestion. Meanwhile, resistance is lowered to 100.80 congestion and the 101.42 lower high, expected to cap. Break of these will further extend corrective gains from the 90.15, August low.