Little change, as the expected break of the 162.00 level failed to materialised
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 164.90 | * | 50% Jul/Aug fall | S1 | 162.00 | * | congestion | |
R3 | 164.30 | * | Nov 2023 high | S2 | 161.00 | * | 4 Oct low | |
R2 | 163.90 | ** | Aug high | S3 | 160.00 | * | congestion | |
R1 | 163.60 | * | 10 Oct high | S4 | 158.10/00 | ** | 30 Sep low, congestion |
Asterisk denotes strength of level
01:10 GMT - Little change, as the expected break of the 162.00 level failed to materialised. Bounce from the latter keep prices in ranging action within the 162.00/163.60 area. The resulting flag pattern caution break higher to extend gains from the 155.15 low of September. Above the 163.60 and 163.90 highs will extend the broad corrective gains from the August low at 154.40 to retrace the steep July/August fall. Meanwhile, support at the 162.00 congestion underpin and break here is needed to return focus to the downside to retrace the September rally from the 155.15 low.