Extending bounce from the 99.00 support with choppy trade returning to retest the 100.80 resistance
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 103.00 | * | congestion | 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
06:20 GMT - Extending bounce from the 99.00 support with choppy trade returning to retest the 100.80 resistance. Break here will see scope to retest the 101.42 high and see room to further retrace the steep July/August losses. Higher will see scope to the 102.00 level and 61.8% Fibonacci level but divergence on daily studies caution pullback. Meanwhile, support at the 99.45/99.00 higher lows now underpin and sustain the bullish run-up from the 94.00/93.60, September lows. Break will open up deeper pullback to the 98.00/97.00 congestion.