Choppy trade has seen bounce to retest the 195.95/196.00 congestion area
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 199.45 | * | 30 Jul high | S1 | 193.50 | * | congestion | |
R3 | 198.00 | * | congestion | S2 | 192.00 | * | congestion, 4 Oct low | |
R2 | 197.40 | * | 61.8% Jul/Aug fall | S3 | 190.00 | ** | congestion | |
R1 | 196.00 | * | 18 Oct high | S4 | 188.00 | * | congestion |
Asterisk denotes strength of level
06:15 GMT - Choppy trade has seen bounce to retest the 195.95/196.00 congestion area. The resulting ascending triangle from the 190.00 level suggest scope for break here to further extend gains from the August low to retrace the sharp drop from the July high. Break, if seen, will see room to the 197.40, 61.8% Fibonacci level then the 198.00 level. Meanwhile, support is at the 193.50 congestion area and this is seen protecting the downside. Would take break here to open up deeper pullback to the 192.00/190.00 congestion area.