Consolidation at the 1370.00 level has given way to sharp bounce to extend steep gains from the September low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1395.00 | * | Jun high | S1 | 1370.00 | * | 12 Jul low | |
R3 | 1390.00 | * | congestion | S2 | 1367.00 | ** | 21 Oct low | |
R2 | 1385.00 | * | congestion | S3 | 1360.00 | * | congestion | |
R1 | 1380.00 | * | Aug high | S4 | 1355.00 | * | congestion |
Asterisk denotes strength of level
02:55 GMT - Consolidation at the 1370.00 level has given way to sharp bounce to extend steep gains from the September low to reach the 1380.00 level. Daily studies are overbought but remains positive and nearby see scope to target 1385.00 congestion. Clearance here will further extend gains to the 1391.00/1395.00, July and June highs. Meanwhile, support is raised to the 1370.00/1367.00, 12 July/21 October lows. This now seen protecting the downside and break here needed to fade the upside pressure and turn focus lower to retrace gains from the 1304.00 low.