Break above the 170.00 level saw spike to 171.59 high before reversing back under the 170.00 level
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 173.00 | * | 8 Sep 1992 high | S1 | 166.45 | * | 26 Apr low | |
R3 | 171.59 | ** | intraday high | S2 | 166.00 | * | congestion | |
R2 | 170.00 | * | figure | S3 | 165.35/00 | * | Mar high, congestion | |
R1 | 169.39 | * | 26 Apr high | S4 | 164.30 | ** | Nov 2023 year high |
Asterisk denotes strength of level
05:30 GMT - Break above the 170.00 level saw spike to 171.59 high before reversing back under the 170.00 level and 169.39 high of Friday. These now turned resistance and expected to cap bounce attempt. Only clearance here, but not seen, will expose the 171.59 high to retest and see scope for bull extension. Meanwhile, support at the 166.45/166.00 area now protecting the downside. Would take break here to trigger deeper correction of the strong gains from 153.12, December low. Break will open up deeper pullback to the strong support at 165.35/164.30, previous highs.