Extending choppy trade within the 193.00/190.00 range area but pressure building on the downside
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 195.85 | ** | June 2015 year high | S1 | 190.00 | * | 12 Apr low, congestion | |
R3 | 195.25 | * | Aug 2015 high | S2 | 188.65 | * | Nov high | |
R2 | 193.55 | ** | 20 Mar YTD high | S3 | 188.00 | ** | Mar low, congestion | |
R1 | 193.00 | * | 10 Apr high | S4 | 186.75 | * | Aug high |
Asterisk denotes strength of level
07:00 GMT - Extending choppy trade within the 193.00/190.00 range area but pressure building on the downside and see risk for break of the 190.00 level to extend rejection from 193.55, the March YTD high. Break will see room for deeper correction of the December/April rally and see scope to the strong support at the 188.65/188.00 area. Meanwhile, resistance at the 192.00/193.00 area now expected to cap and sustain losses from the March high. Only clearance will further extend the underlying bull trend from the 2020 year low and shift focus to the 195.25/195.85, August/June 2015 multi-year high.